Jag Capital Management LLC raised its position in Cummins Inc. (NYSE:CMI) by 3.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 10,901 shares of the company’s stock after acquiring an additional 372 shares during the quarter. Jag Capital Management LLC’s holdings in Cummins were worth $1,721,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Cummins in the 4th quarter worth about $27,000. Ipswich Investment Management Co. Inc. acquired a new stake in Cummins in the 4th quarter worth about $28,000. Prime Capital Investment Advisors LLC acquired a new stake in Cummins in the 4th quarter worth about $32,000. Bremer Trust National Association acquired a new stake in Cummins in the 4th quarter worth about $35,000. Finally, We Are One Seven LLC acquired a new stake in Cummins in the 4th quarter worth about $37,000. Institutional investors own 82.11% of the company’s stock.
Several research firms recently issued reports on CMI. Piper Jaffray Companies set a $195.00 price objective on Cummins and gave the stock a “buy” rating in a report on Thursday, April 4th. ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research report on Friday, February 15th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. Mizuho set a $155.00 price target on shares of Cummins and gave the company a “hold” rating in a research report on Saturday, February 9th. Finally, CIBC reissued a “market perform” rating on shares of Cummins in a research report on Thursday, February 7th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $162.24.
In related news, COO Richard Joseph Freeland sold 4,500 shares of the stock in a transaction dated Friday, January 18th. The shares were sold at an average price of $150.00, for a total transaction of $675,000.00. Following the completion of the transaction, the chief operating officer now directly owns 4,500 shares of the company’s stock, valued at $675,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srikanth Padmanabhan sold 1,687 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The disclosure for this sale can be found here. Insiders sold 6,816 shares of company stock valued at $1,039,321 over the last ninety days. Corporate insiders own 0.67% of the company’s stock.
Shares of NYSE:CMI traded down $1.10 on Monday, reaching $164.97. The company’s stock had a trading volume of 1,513,858 shares, compared to its average volume of 1,307,484. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $172.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.95 and a current ratio of 1.54. The stock has a market capitalization of $26.15 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.14 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Wednesday, February 6th. The company reported $3.48 EPS for the quarter, missing analysts’ consensus estimates of $3.81 by ($0.33). Cummins had a net margin of 9.01% and a return on equity of 29.71%. The business had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $6.08 billion. During the same period in the previous year, the company posted $3.03 earnings per share. Cummins’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 15.46 EPS for the current fiscal year.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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