Jag Capital Management LLC Has $1.54 Million Stake in Cummins Inc. (CMI)

Jag Capital Management LLC lowered its position in Cummins Inc. (NYSE:CMI) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,462 shares of the company’s stock after selling 105 shares during the period. Jag Capital Management LLC’s holdings in Cummins were worth $1,535,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in shares of Cummins by 45.3% in the first quarter. Bank of Montreal Can now owns 911,086 shares of the company’s stock valued at $137,758,000 after buying an additional 284,091 shares during the period. Baker Boyer National Bank boosted its stake in shares of Cummins by 7.3% in the first quarter. Baker Boyer National Bank now owns 4,400 shares of the company’s stock valued at $665,000 after buying an additional 300 shares during the period. Stillwater Investment Management LLC boosted its stake in shares of Cummins by 0.4% in the first quarter. Stillwater Investment Management LLC now owns 11,909 shares of the company’s stock valued at $1,801,000 after buying an additional 45 shares during the period. Koshinski Asset Management Inc. acquired a new stake in shares of Cummins during the first quarter valued at approximately $354,000. Finally, Gulf International Bank UK Ltd boosted its stake in shares of Cummins by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 51,801 shares of the company’s stock valued at $7,832,000 after buying an additional 500 shares during the period. 79.98% of the stock is owned by hedge funds and other institutional investors.

Shares of Cummins Inc. (CMI) traded up 1.42% on Friday, hitting $159.98. 757,182 shares of the company’s stock were exchanged. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The firm has a market cap of $26.72 billion, a P/E ratio of 18.08 and a beta of 1.09. The stock’s 50 day moving average is $163.27 and its 200 day moving average is $154.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. Cummins’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 EPS. On average, equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.74%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is currently 46.28%.

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Several equities research analysts have commented on CMI shares. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. Piper Jaffray Companies lowered shares of Cummins from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $160.00 to $144.00 in a research note on Tuesday, April 18th. Deutsche Bank AG boosted their price objective on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research note on Thursday, April 6th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Stifel Nicolaus restated a “hold” rating and set a $150.00 price objective on shares of Cummins in a research note on Wednesday, April 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $154.33.

In related news, Director Georgia R. Nelson sold 1,086 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Pat Ward sold 14,050 shares of the business’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the transaction, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,636 shares of company stock valued at $10,000,575. 0.62% of the stock is owned by corporate insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.