Hotchkis Wiley Capital Management Lowers stake in Cummins (CMI)

Cummins (CMI) : Hotchkis Wiley Capital Management reduced its stake in Cummins by 1.08% during the most recent quarter end. The investment management company now holds a total of 5,815,672 shares of Cummins which is valued at $737,020,113 after selling 63,375 shares in Cummins , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Cummins makes up approximately 2.98% of Hotchkis Wiley Capital Management’s portfolio.

Other Hedge Funds, Including , Girard Partners Ltd. boosted its stake in CMI in the latest quarter, The investment management firm added 1,534 additional shares and now holds a total of 4,554 shares of Cummins which is valued at $577,128. Cummins makes up approx 0.21% of Girard Partners Ltd.’s portfolio.Credit Suisse Ag boosted its stake in CMI in the latest quarter, The investment management firm added 294,313 additional shares and now holds a total of 572,593 shares of Cummins which is valued at $72,564,711. Cummins makes up approx 0.09% of Credit Suisse Ag’s portfolio. Icon Advisers Incco sold out all of its stake in CMI during the most recent quarter. The investment firm sold 4,800 shares of CMI which is valued $610,128. Nine Chapters Capital Management sold out all of its stake in CMI during the most recent quarter. The investment firm sold 37,800 shares of CMI which is valued $4,778,298.

Cummins opened for trading at $124.74 and hit $125.96 on the upside on Monday, eventually ending the session at $125.49, with a gain of 0.79% or 0.98 points. The heightened volatility saw the trading volume jump to 10,87,098 shares. Company has a market cap of $21,163 M.

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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