Victory Capital Management Inc. Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Victory Capital Management Inc. boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210,922 shares of the company's stock after acquiring an additional 12,284 shares during the period. Victory Capital Management Inc. owned about 0.15% of Cummins worth $66,111,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Bridgewater Advisors Inc. acquired a new position in shares of Cummins in the 1st quarter valued at $1,891,000. Midwest Professional Planners LTD. grew its stake in shares of Cummins by 3.3% in the first quarter. Midwest Professional Planners LTD. now owns 11,196 shares of the company's stock worth $3,509,000 after purchasing an additional 360 shares in the last quarter. Wealthfront Advisers LLC boosted its holdings in shares of Cummins by 1.5% in the first quarter. Wealthfront Advisers LLC now owns 10,788 shares of the company's stock valued at $3,381,000 after acquiring an additional 161 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Cummins by 19.8% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,265 shares of the company's stock valued at $396,000 after purchasing an additional 209 shares during the last quarter. Finally, First Command Advisory Services Inc. lifted its holdings in shares of Cummins by 2.4% during the first quarter. First Command Advisory Services Inc. now owns 1,990 shares of the company's stock valued at $624,000 after purchasing an additional 47 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Down 0.0%

NYSE:CMI traded down $0.09 during mid-day trading on Monday, hitting $350.31. 558,394 shares of the company's stock were exchanged, compared to its average volume of 775,277. The firm has a market capitalization of $48.26 billion, a P/E ratio of 17.44, a PEG ratio of 1.95 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The company has a 50 day simple moving average of $327.72 and a 200-day simple moving average of $330.63.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The business's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.08 EPS. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.28%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's dividend payout ratio is 36.22%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CMI. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Barclays boosted their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday. Wall Street Zen downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of "Hold" and a consensus price target of $361.92.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.41% of the company's stock.

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.