Harris Associates L P Lowers stake in Cummins (CMI)

Cummins (CMI) : Harris Associates L P reduced its stake in Cummins by 10.13% during the most recent quarter end. The investment management company now holds a total of 8,660,414 shares of Cummins which is valued at $1,097,534,266 after selling 976,088 shares in Cummins , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Cummins makes up approximately 2.08% of Harris Associates L P’s portfolio.

Other Hedge Funds, Including , Teacher Retirement System Of Texas boosted its stake in CMI in the latest quarter, The investment management firm added 72,137 additional shares and now holds a total of 274,726 shares of Cummins which is valued at $34,728,114. Cummins makes up approx 0.23% of Teacher Retirement System Of Texas’s portfolio.Thompson Siegel Walmsley reduced its stake in CMI by selling 1,010 shares or 28.57% in the most recent quarter. The Hedge Fund company now holds 2,525 shares of CMI which is valued at $316,484.Shell Asset Management Co boosted its stake in CMI in the latest quarter, The investment management firm added 7,501 additional shares and now holds a total of 37,082 shares of Cummins which is valued at $4,576,660. Cummins makes up approx 0.11% of Shell Asset Management Co’s portfolio.Edmp boosted its stake in CMI in the latest quarter, The investment management firm added 28 additional shares and now holds a total of 4,259 shares of Cummins which is valued at $525,646. Cummins makes up approx 0.49% of Edmp’s portfolio.

Cummins closed down -0.09 points or -0.07% at $126.13 with 10,63,908 shares getting traded on Friday. Post opening the session at $125.79, the shares hit an intraday low of $125.3 and an intraday high of $126.56 and the price fluctuated in this range throughout the day.Shares ended Friday 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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