Cummins Inc. (NYSE:CMI) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 25.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 217,689 shares of the company's stock after buying an additional 44,027 shares during the period. Victory Capital Management Inc. owned approximately 0.16% of Cummins worth $70,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of CMI. PFG Investments LLC grew its position in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC boosted its holdings in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC grew its position in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock valued at $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Cummins during the 2nd quarter valued at approximately $16,329,000. Finally, Cetera Advisors LLC raised its stake in Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company's stock valued at $6,739,000 after purchasing an additional 14,170 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CMI shares. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $294.00 to $408.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $334.33.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm's 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 2,001 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock valued at $9,033,945 over the last three months. 0.56% of the stock is currently owned by company insiders.

Cummins Trading Down 0.8 %

NYSE:CMI traded down $2.80 during trading hours on Friday, reaching $360.93. 196,893 shares of the stock were exchanged, compared to its average volume of 1,479,577. The business has a 50-day moving average of $327.55 and a two-hundred day moving average of $301.04. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $49.51 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the business earned $4.73 EPS. The company's revenue was up .3% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. 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 2.02%. Cummins's payout ratio is 48.08%.

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.