Victory Capital Management Inc. Has $84.32 Million Stock Holdings in Cummins Inc. $CMI

Victory Capital Management Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 199,636 shares of the company’s stock after selling 4,481 shares during the period. Victory Capital Management Inc. owned approximately 0.14% of Cummins worth $84,320,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC lifted its position in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares in the last quarter. Prosperity Consulting Group LLC boosted its stake in shares of Cummins by 8.2% during the 2nd quarter. Prosperity Consulting Group LLC now owns 828 shares of the company’s stock valued at $271,000 after buying an additional 63 shares during the period. Crestwood Advisors Group LLC grew its holdings in shares of Cummins by 15.2% during the 2nd quarter. Crestwood Advisors Group LLC now owns 2,331 shares of the company’s stock valued at $763,000 after acquiring an additional 307 shares in the last quarter. Finally, Atlantic Union Bankshares Corp increased its stake in shares of Cummins by 109.0% in the second quarter. Atlantic Union Bankshares Corp now owns 4,574 shares of the company’s stock worth $1,498,000 after acquiring an additional 2,385 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $556.08 on Friday. The firm has a market capitalization of $76.83 billion, a PE ratio of 27.10, a PEG ratio of 1.82 and a beta of 1.12. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm’s fifty day simple moving average is $570.37 and its 200 day simple moving average is $489.10.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the prior year, the company earned $5.16 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on CMI shares. Barclays boosted their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Wall Street Zen raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Finally, UBS Group set a $565.00 price target on shares of Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.