Cornerstone Investment Partners Lowers stake in Cummins (CMI)

Cummins (CMI) : Cornerstone Investment Partners reduced its stake in Cummins by 4.05% during the most recent quarter end. The investment management company now holds a total of 1,013,568 shares of Cummins which is valued at $117,685,380 after selling 42,773 shares in Cummins , the firm said in a disclosure report filed with the SEC on Apr 20, 2016.Cummins makes up approximately 3.73% of Cornerstone Investment Partners’s portfolio.

Cummins opened for trading at $114.67 and hit $116.61 on the upside on Friday, eventually ending the session at $116.11, with a gain of 0.84% or 0.97 points. The heightened volatility saw the trading volume jump to 27,73,469 shares. Company has a market cap of $20,240 M.

Other Hedge Funds, Including , Watch Point Trust Co added CMI to its portfolio by purchasing 2,100 company shares during the most recent quarter which is valued at $243,831. Cummins makes up approx 0.21% of Watch Point Trust Co’s portfolio.Gemmer Asset Management reduced its stake in CMI by selling 89 shares or 38.7% in the most recent quarter. The Hedge Fund company now holds 141 shares of CMI which is valued at $16,260. Cummins makes up approx 0.01% of Gemmer Asset Management’s portfolio.Culbertson A N Co Inc reduced its stake in CMI by selling 254 shares or 0.68% in the most recent quarter. The Hedge Fund company now holds 36,875 shares of CMI which is valued at $4,252,425. Cummins makes up approx 1.63% of Culbertson A N Co Inc’s portfolio.Simplex Trading reduced its stake in CMI by selling 4,158 shares or 23.29% in the most recent quarter. The Hedge Fund company now holds 13,696 shares of CMI which is valued at $1,579,423. Cummins makes up approx 0.25% of Simplex Trading’s portfolio.

On the company’s financial health, Cummins reported $2.02 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Feb 4, 2016. Analyst had a consensus of $2.10. The company had revenue of $4766.00 million for the quarter, compared to analysts expectations of $4670.96 million. The company’s revenue was down -6.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.56 EPS.

Many Wall Street Analysts have commented on Cummins. Company shares were Downgraded by Robert W. Baird on Apr 21, 2016 to ” Underperform”, Firm has raised the Price Target to $ 110 from a previous price target of $96 .Cummins was Upgraded by BofA/Merrill to ” Neutral” on Apr 18, 2016. Company shares were Reiterated by Barclays on Apr 13, 2016 to “Underweight”, Firm has raised the Price Target to $ 90 from a previous price target of $88 .

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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