Cummins (CMI) : Midwest Investment Management reduced its stake in Cummins by 0.55% during the most recent quarter end. The investment management company now holds a total of 22,635 shares of Cummins which is valued at $2,877,135 after selling 125 shares in Cummins , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Cummins makes up approximately 2.27% of Midwest Investment Management’s portfolio.
Other Hedge Funds, Including , Private Advisor Group reduced its stake in CMI by selling 730 shares or 9.62% in the most recent quarter. The Hedge Fund company now holds 6,861 shares of CMI which is valued at $867,299. Cummins makes up approx 0.03% of Private Advisor Group’s portfolio.Louisiana State Employees Retirement System reduced its stake in CMI by selling 400 shares or 3.7% in the most recent quarter. The Hedge Fund company now holds 10,400 shares of CMI which is valued at $1,283,568. Cummins makes up approx 0.07% of Louisiana State Employees Retirement System’s portfolio.Iab Financial Bank boosted its stake in CMI in the latest quarter, The investment management firm added 315 additional shares and now holds a total of 29,946 shares of Cummins which is valued at $3,520,452. Cummins makes up approx 2.16% of Iab Financial Bank’s portfolio.Gradient Investments reduced its stake in CMI by selling 14 shares or 31.82% in the most recent quarter. The Hedge Fund company now holds 30 shares of CMI which is valued at $3,546.
Cummins closed down -0.36 points or -0.28% at $126.51 with 14,66,280 shares getting traded on Wednesday. Post opening the session at $126.87, the shares hit an intraday low of $126.05 and an intraday high of $127.28 and the price fluctuated in this range throughout the day.Shares ended Wednesday 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.