Ieq Capital LLC Buys 3,310 Shares of Cummins Inc. (NYSE:CMI)

Ieq Capital LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 37.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 12,150 shares of the company’s stock after purchasing an additional 3,310 shares during the quarter. Ieq Capital LLC’s holdings in Cummins were worth $4,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Compass Financial Services Inc bought a new position in Cummins during the 4th quarter worth approximately $27,000. Prospera Private Wealth LLC bought a new position in Cummins during the 3rd quarter worth approximately $32,000. Kestra Investment Management LLC bought a new position in Cummins during the 4th quarter worth approximately $43,000. Finally, Ashton Thomas Securities LLC bought a new position in Cummins during the 3rd quarter worth approximately $55,000. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMI shares. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday. Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $386.67.

Cummins Trading Down 4.6 %

NYSE CMI opened at $366.79 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $259.06 and a twelve month high of $387.90. The firm has a market capitalization of $50.43 billion, a PE ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. The stock’s 50 day moving average is $361.51 and its 200 day moving average is $341.71.

Cummins (NYSE:CMI) last announced 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. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 earnings per share. Research analysts forecast that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is 25.84%.

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.