IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 1,402 Shares of Cummins Inc. (NYSE:CMI)

IQ EQ FUND MANAGEMENT IRELAND Ltd lowered its holdings in Cummins Inc. (NYSE:CMI) by 5.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 22,184 shares of the company’s stock after selling 1,402 shares during the quarter. Cummins makes up approximately 0.9% of IQ EQ FUND MANAGEMENT IRELAND Ltd’s investment portfolio, making the stock its 23rd largest holding. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Cummins were worth $7,733,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CMI. Raymond James Financial Inc. bought a new position in shares of Cummins in the fourth quarter worth $187,082,000. Vanguard Group Inc. boosted its stake in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Proficio Capital Partners LLC purchased a new position in Cummins during the 4th quarter valued at about $71,279,000. Amundi increased its position in shares of Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after buying an additional 188,254 shares during the period. Finally, State Street Corp lifted its holdings in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CMI shares. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Stock Down 0.8 %

Shares of NYSE CMI opened at $328.08 on Thursday. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm’s fifty day moving average is $354.07 and its 200 day moving average is $348.10. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the company earned $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

About Cummins

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.