Cornerstone Investment Partners Lowers stake in Cummins (CMI)

Cummins (CMI) : Cornerstone Investment Partners reduced its stake in Cummins by 5.85% during the most recent quarter end. The investment management company now holds a total of 954,283 shares of Cummins which is valued at $112,729,451 after selling 59,285 shares in Cummins , the firm said in a disclosure report filed with the SEC on Jul 12, 2016.Cummins makes up approximately 3.79% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Hall Laurie J Trustee reduced its stake in CMI by selling 1,716 shares or 85.97% in the most recent quarter. The Hedge Fund company now holds 280 shares of CMI which is valued at $33,076. Cummins makes up approx 0.02% of Hall Laurie J Trustee’s portfolio.Webster Bank N. A. reduced its stake in CMI by selling 65 shares or 0.45% in the most recent quarter. The Hedge Fund company now holds 14,296 shares of CMI which is valued at $1,688,786. Cummins makes up approx 0.24% of Webster Bank N. A.’s portfolio.British Columbia Investment Management Corp boosted its stake in CMI in the latest quarter, The investment management firm added 445 additional shares and now holds a total of 81,319 shares of Cummins which is valued at $9,327,289. Cummins makes up approx 0.08% of British Columbia Investment Management Corp’s portfolio.Osborn Rohs Williams Donohoe Ltd boosted its stake in CMI in the latest quarter, The investment management firm added 735 additional shares and now holds a total of 22,798 shares of Cummins which is valued at $2,614,931. Cummins makes up approx 0.50% of Osborn Rohs Williams Donohoe Ltd’s portfolio. Iowa State Bank added CMI to its portfolio by purchasing 719 company shares during the most recent quarter which is valued at $82,469. Cummins makes up approx 0.04% of Iowa State Bank’s portfolio.

Cummins closed down -0.46 points or -0.39% at $119.01 with 11,10,246 shares getting traded on Friday. Post opening the session at $119.84, the shares hit an intraday low of $118.58 and an intraday high of $119.84 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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 .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 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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