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

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

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Mirae Asset Global Investments Co. Ltd. raised its stake in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after acquiring an additional 2,417 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares in the last quarter. Bailard Inc. grew its holdings in shares of Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock worth $91,054,000 after purchasing an additional 17,566 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CMI shares. Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a research note on Monday, January 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Wall Street Zen raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Argus set a $696.00 price objective on Cummins in a research note on Tuesday, February 10th. Finally, Morgan Stanley restated an “overweight” rating and set a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 in the last ninety days. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 3.1%

Shares of NYSE CMI opened at $556.08 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The stock has a market cap of $76.83 billion, a P/E ratio of 27.10, a P/E/G ratio of 1.82 and a beta of 1.12. The firm has a 50 day moving average price of $570.37 and a 200 day moving average price of $489.10.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the business posted $5.16 earnings per share. Analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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

About Cummins

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.