IQ EQ FUND MANAGEMENT IRELAND Ltd Buys 773 Shares of Cummins Inc. (NYSE:CMI)

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in Cummins Inc. (NYSE:CMI) by 3.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 23,586 shares of the company’s stock after purchasing an additional 773 shares during the quarter. Cummins accounts for 0.8% of IQ EQ FUND MANAGEMENT IRELAND Ltd’s portfolio, making the stock its 27th biggest position. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Cummins were worth $7,637,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC bought a new position in shares of Cummins during the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the third quarter valued at approximately $34,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent analyst reports. Citigroup upped their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $311.55.

Cummins Trading Up 0.4 %

NYSE CMI opened at $333.88 on Thursday. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $339.78. The stock has a market cap of $45.67 billion, a P/E ratio of 24.44, a P/E/G ratio of 1.92 and a beta of 0.98. The stock’s fifty day moving average price is $311.09 and its 200-day moving average price is $294.29. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the firm posted $5.18 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.18%. Cummins’s dividend payout ratio is currently 53.29%.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.