Korea Investment CORP Has $65.36 Million Holdings in Cummins Inc. $CMI

Korea Investment CORP grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 69.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 154,750 shares of the company’s stock after buying an additional 63,220 shares during the period. Korea Investment CORP owned approximately 0.11% of Cummins worth $65,362,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CMI. Norges Bank acquired a new position in shares of Cummins during the 2nd quarter valued at $505,941,000. American Century Companies Inc. boosted its stake in Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the period. Ontario Teachers Pension Plan Board increased its stake in Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several research reports. Barclays upped their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Citigroup boosted their target price on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Wells Fargo & Company upped their price target on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Truist Financial reiterated a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

NYSE CMI opened at $539.59 on Monday. The company has a fifty day moving average price of $570.78 and a 200-day moving average price of $491.34. The firm has a market cap of $74.55 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the company earned $5.16 earnings per share. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.