Cummins (CMI) : Pinnacle Associates Ltd reduced its stake in Cummins by 0.61% during the most recent quarter end. The investment management company now holds a total of 639,971 shares of Cummins which is valued at $81,103,525 after selling 3,948 shares in Cummins , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Cummins makes up approximately 1.65% of Pinnacle Associates Ltd’s portfolio.
Other Hedge Funds, Including , Veritable boosted its stake in CMI in the latest quarter, The investment management firm added 84 additional shares and now holds a total of 4,292 shares of Cummins which is valued at $543,925. Cummins makes up approx 0.01% of Veritable’s portfolio. Mandatum Life Insurance Co Ltd sold out all of its stake in CMI during the most recent quarter. The investment firm sold 24,899 shares of CMI which is valued $3,155,450. Bluemountain Capital Management added CMI to its portfolio by purchasing 969 company shares during the most recent quarter which is valued at $122,801. Fayez Sarofim Co sold out all of its stake in CMI during the most recent quarter. The investment firm sold 1,915 shares of CMI which is valued $242,688. Tradelink Capital sold out all of its stake in CMI during the most recent quarter. The investment firm sold 2,352 shares of CMI which is valued $287,603.
Cummins closed down -0.2 points or -0.16% at $125.41 with 15,07,944 shares getting traded on Thursday. Post opening the session at $125.61, the shares hit an intraday low of $124.28 and an intraday high of $126.15 and the price fluctuated in this range throughout the day.Shares ended Thursday 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.