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

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its position in Cummins Inc. (NYSE:CMI) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,184 shares of the company’s stock after selling 1,402 shares during the quarter. Cummins accounts for about 0.9% of IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings, making the stock its 23rd biggest holding. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Cummins were worth $7,733,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Loomis Sayles & Co. L P boosted its position in Cummins by 3.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 707,164 shares of the company’s stock worth $246,517,000 after buying an additional 22,271 shares during the period. NEOS Investment Management LLC lifted its holdings in shares of Cummins by 26.2% during the fourth quarter. NEOS Investment Management LLC now owns 5,963 shares of the company’s stock worth $2,079,000 after purchasing an additional 1,239 shares during the period. UniSuper Management Pty Ltd grew its stake in shares of Cummins by 19.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 10,774 shares of the company’s stock worth $3,756,000 after purchasing an additional 1,722 shares during the last quarter. Elo Mutual Pension Insurance Co increased its holdings in Cummins by 17.5% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 14,184 shares of the company’s stock valued at $4,945,000 after purchasing an additional 2,110 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cummins by 3.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 229,595 shares of the company’s stock worth $81,393,000 after purchasing an additional 8,538 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CMI shares. Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Truist Financial increased their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. UBS Group reduced their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Performance

NYSE CMI opened at $328.08 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a fifty day moving average price of $354.07 and a 200-day moving average price of $348.10. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm 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.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.14 EPS. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Cummins Company 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.