Paloma Partners Management Co adds Cummins (CMI) to its portfolio

Cummins (CMI) : Paloma Partners Management Co added new position in Cummins during the most recent quarter end. The investment management firm now holds 272,606 shares of Cummins which is valued at $34,547,358 , the company said in a statement filed on Aug 15, 2016 with the SEC.Cummins makes up approximately 1.33% of Paloma Partners Management Co’s portfolio.

Other Hedge Funds, Including , J. Goldman Co Lp sold out all of its stake in CMI during the most recent quarter. The investment firm sold 35,199 shares of CMI which is valued $4,460,769. Redmond Asset Management sold out all of its stake in CMI during the most recent quarter. The investment firm sold 11,860 shares of CMI which is valued $1,503,018. Cipher Capital Lp added CMI to its portfolio by purchasing 10,145 company shares during the most recent quarter which is valued at $1,285,676. Cummins makes up approx 0.09% of Cipher Capital Lp’s portfolio.Blair William Coil reduced its stake in CMI by selling 11,446 shares or 63.09% in the most recent quarter. The Hedge Fund company now holds 6,696 shares of CMI which is valued at $851,129. Cummins makes up approx 0.01% of Blair William Coil’s portfolio.Rockefeller Financial Services Inc reduced its stake in CMI by selling 369 shares or 92.71% in the most recent quarter. The Hedge Fund company now holds 29 shares of CMI which is valued at $3,428.

Cummins closed down -0.2 points or -0.16% at $125.41 with 15,07,944 shares getting traded on Thursday. Post opening the session at $125.61, the shares hit an intraday low of $124.28 and an intraday high of $126.15 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Cummins reported $2.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.22 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $2.18. The company had revenue of $4528.00 million for the quarter, compared to analysts expectations of $4498.39 million. The company’s revenue was down -9.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.62 EPS.

Many Wall Street Analysts have commented on Cummins. Cummins was Downgraded by Standpoint Research to ” Hold” on Jul 14, 2016.

Cummins Inc. is a global diesel engine manufacturer. The Company designs manufactures distributes and services diesel and natural gas engines and engine-related component products including filtration after treatment turbochargers fuel systems controls systems air handling systems and electric power generation systems. It has four operating segments: Engine Distribution Components and Power Generation. The Company sells its products to original equipment manufacturers (OEMs) distributors and other customers. It serves its customers through a network of around 600 Company-owned and independent distributor locations and around 7200 dealer locations in more than 190 countries. In addition engines and engine components are manufactured by the Company’s joint ventures or independent licensees at its manufacturing plants in the United States China India South Korea Mexico and Sweden. Its subsidiaries include Cummins India Ltd. and Wuxi Cummins Turbo Technologies Co. Ltd.

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