Victory Capital Management Inc. Has $42 Million Stake in Cummins Inc. (NYSE:CMI)

Victory Capital Management Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 175,311 shares of the company’s stock after acquiring an additional 9,089 shares during the period. Victory Capital Management Inc. owned 0.12% of Cummins worth $41,999,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. OFI Invest Asset Management bought a new stake in Cummins in the third quarter worth approximately $25,000. Silver Oak Securities Incorporated acquired a new position in shares of Cummins during the 3rd quarter valued at $28,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Cummins during the third quarter worth $39,000. Peoples Bank KS acquired a new stake in Cummins in the third quarter worth $43,000. Finally, Planned Solutions Inc. bought a new stake in Cummins in the fourth quarter valued at $47,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last three months. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird cut their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Truist Financial upped their target price on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $282.55.

Cummins Price Performance

Cummins stock opened at $280.74 on Monday. The stock has a market cap of $38.39 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.91 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average price is $285.39 and its two-hundred day moving average price is $252.92. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the firm posted $4.52 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is 49.19%.

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.