Mcnamara Financial Services Exits Position in Cummins (CMI)

Cummins (CMI) : Mcnamara Financial Services has sold out all of its stake in Cummins during the most recent quarter, according to the disclosure filed by the company on Apr 13, 2016 with the SEC. The investment management company has sold out 3,000 shares of Cummins which is valued at $345,960.

Cummins opened for trading at $115.34 and hit $117.68 on the upside on Monday, eventually ending the session at $116.66, with a gain of 1.16% or 1.34 points. The heightened volatility saw the trading volume jump to 26,56,334 shares. Company has a market cap of $20,336 M.

Other Hedge Funds, Including , Fjarde Ap-fonden Fourth Swedish National Pension Fund boosted its stake in CMI in the latest quarter, The investment management firm added 5,365 additional shares and now holds a total of 39,820 shares of Cummins which is valued at $4,592,042. Cummins makes up approx 0.11% of Fjarde Ap-fonden Fourth Swedish National Pension Fund’s portfolio.Central Trust Co boosted its stake in CMI in the latest quarter, The investment management firm added 5,474 additional shares and now holds a total of 24,406 shares of Cummins which is valued at $2,814,500. Cummins makes up approx 0.22% of Central Trust Co’s portfolio.Waverton Investment Management Ltd reduced its stake in CMI by selling 40 shares or 0.36% in the most recent quarter. The Hedge Fund company now holds 11,078 shares of CMI which is valued at $1,177,148. Cummins makes up approx 0.09% of Waverton Investment Management Ltd’s portfolio.Chelsea Counsel Co reduced its stake in CMI by selling 4,150 shares or 11.61% in the most recent quarter. The Hedge Fund company now holds 31,608 shares of CMI which is valued at $3,358,666. Cummins makes up approx 0.97% of Chelsea Counsel Co’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. 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 was Downgraded by Macquarie to ” Neutral” on Apr 11, 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.

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