Clark Capital Management Group Lowers stake in Cummins (CMI)

Cummins (CMI) : Clark Capital Management Group reduced its stake in Cummins by 30.66% during the most recent quarter end. The investment management company now holds a total of 93,581 shares of Cummins which is valued at $12,609,104 after selling 41,372 shares in Cummins , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Cummins makes up approximately 0.72% of Clark Capital Management Group’s portfolio.

Other Hedge Funds, Including , Pinebridge Investments boosted its stake in CMI in the latest quarter, The investment management firm added 3,565 additional shares and now holds a total of 21,853 shares of Cummins which is valued at $2,944,473. Cummins makes up approx 0.13% of Pinebridge Investments’s portfolio.Credit Agricole S A boosted its stake in CMI in the latest quarter, The investment management firm added 324,821 additional shares and now holds a total of 655,670 shares of Cummins which is valued at $90,357,883. Cummins makes up approx 0.30% of Credit Agricole S A’s portfolio. Princeton Alpha Management Lp added CMI to its portfolio by purchasing 3,378 company shares during the most recent quarter which is valued at $465,522. Cummins makes up approx 0.09% of Princeton Alpha Management Lp’s portfolio. Hirtle Callaghan Co added CMI to its portfolio by purchasing 220 company shares during the most recent quarter which is valued at $28,675. Cummins makes up approx 0.01% of Hirtle Callaghan Co’s portfolio.St Germain D J Co Inc reduced its stake in CMI by selling 1,516 shares or 0.99% in the most recent quarter. The Hedge Fund company now holds 152,360 shares of CMI which is valued at $19,291,823. Cummins makes up approx 2.74% of St Germain D J Co Inc’s portfolio.

Cummins closed down -0.4 points or -0.30% at $135.03 with 12,81,410 shares getting traded on Monday. Post opening the session at $135.32, the shares hit an intraday low of $134.6 and an intraday high of $136.41 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Cummins reported $2.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Nov 1, 2016. Analyst had a consensus of $1.96. The company had revenue of $4187.00 million for the quarter, compared to analysts expectations of $4232.85 million. The company’s revenue was down -9.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.14 EPS.

Many Wall Street Analysts have commented on Cummins. Company shares were Reiterated by Stifel on Nov 2, 2016 to “Hold”, Firm has raised the Price Target to $ 109 from a previous price target of $103 .Cummins was Upgraded by Goldman to ” Buy” on Oct 11, 2016. Cummins was Initiated by CLSA to “Buy” on Sep 30, 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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