Victory Capital Management Inc. Has $70.49 Million Stock Position in Cummins Inc. (NYSE:CMI)

Victory Capital Management Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 25.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 217,689 shares of the company’s stock after buying an additional 44,027 shares during the quarter. Victory Capital Management Inc.’s holdings in Cummins were worth $70,486,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cultivar Capital Inc. bought a new position in Cummins in the 2nd quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the second quarter worth $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the second quarter valued at $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the third quarter worth about $34,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI stock opened at $363.81 on Friday. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21. The business’s 50-day moving average price is $326.20 and its two-hundred day moving average price is $300.60. The firm has a market cap of $49.91 billion, a PE ratio of 24.03, a P/E/G ratio of 1.75 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.73 EPS. As a group, research analysts forecast that Cummins Inc. will post 20.44 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins’s payout ratio is 48.08%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,413 shares of company stock valued at $8,249,879. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $334.33.

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.