Laurel Grove Capital Lowers stake in Cummins (CMI)

Cummins (CMI) : Laurel Grove Capital reduced its stake in Cummins by 3.29% during the most recent quarter end. The investment management company now holds a total of 29,385 shares of Cummins which is valued at $3,473,601 after selling 1,000 shares in Cummins , the firm said in a disclosure report filed with the SEC on Jul 20, 2016.Cummins makes up approximately 2.03% of Laurel Grove Capital’s portfolio.

Other Hedge Funds, Including , Adams Asset Advisors reduced its stake in CMI by selling 487 shares or 1.08% in the most recent quarter. The Hedge Fund company now holds 44,645 shares of CMI which is valued at $5,248,466. Cummins makes up approx 0.88% of Adams Asset Advisors’s portfolio.St. Johns Investment Management Company boosted its stake in CMI in the latest quarter, The investment management firm added 1,127 additional shares and now holds a total of 5,626 shares of Cummins which is valued at $661,393. Cummins makes up approx 0.58% of St. Johns Investment Management Company’s portfolio.Livforsakringsbolaget Skandia Omsesidigt boosted its stake in CMI in the latest quarter, The investment management firm added 4,700 additional shares and now holds a total of 20,574 shares of Cummins which is valued at $2,431,641. Cummins makes up approx 0.10% of Livforsakringsbolaget Skandia Omsesidigt’s portfolio.Gulf International Bank (uk) Ltd reduced its stake in CMI by selling 200 shares or 0.39% in the most recent quarter. The Hedge Fund company now holds 51,201 shares of CMI which is valued at $6,048,374. Cummins makes up approx 0.10% of Gulf International Bank (uk) Ltd’s portfolio.

Cummins opened for trading at $116.78 and hit $118.19 on the upside on Wednesday, eventually ending the session at $117.56, with a gain of 0.94% or 1.09 points. The heightened volatility saw the trading volume jump to 20,66,483 shares. Company has a market cap of $20,027 M.

On the company’s financial health, Cummins reported $1.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on May 3, 2016. Analyst had a consensus of $1.78. The company had revenue of $4291.00 million for the quarter, compared to analysts expectations of $4305.79 million. The company’s revenue was down -8.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.04 EPS.

Investors should note that on Jul 12, 2016, Cummins announced a cash dividend of $0.9750. The company’s management has announced Aug 18, 2016 as the ex-dividend date and fixed the record date on Aug 22, 2016. The payable date has been fixed on Sep 1, 2016.

Many Wall Street Analysts have commented on Cummins. Cummins was Downgraded by Standpoint Research to ” Hold” on Jul 14, 2016. Company shares were Reiterated by RBC Capital Mkts on May 4, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 112 from a previous price target of $98 .

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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