Cadence Capital Management Lowers stake in Cummins (CMI)

Cummins (CMI) : Cadence Capital Management reduced its stake in Cummins by 17.98% during the most recent quarter end. The investment management company now holds a total of 122,111 shares of Cummins which is valued at $14,041,544 after selling 26,776 shares in Cummins , the firm said in a disclosure report filed with the SEC on May 2, 2016.Cummins makes up approximately 0.98% of Cadence Capital Management’s portfolio.

Cummins opened for trading at $113.19 and hit $115.06 on the upside on Friday, eventually ending the session at $114.99, with a gain of 0.97% or 1.1 points. The heightened volatility saw the trading volume jump to 11,37,839 shares. Company has a market cap of $19,590 M.

Other Hedge Funds, Including , Kornitzer Capital Management Inc Ks reduced its stake in CMI by selling 12,150 shares or 9.38% in the most recent quarter. The Hedge Fund company now holds 117,405 shares of CMI which is valued at $13,500,401. Cummins makes up approx 0.24% of Kornitzer Capital Management Inc Ks’s portfolio.First Midwest Bank Trust Division reduced its stake in CMI by selling 153 shares or 1.6% in the most recent quarter. The Hedge Fund company now holds 9,408 shares of CMI which is valued at $1,101,018. Cummins makes up approx 0.14% of First Midwest Bank Trust Division’s portfolio.Bedrijfstakpensioenfonds Voor De Media Pno reduced its stake in CMI by selling 2,400 shares or 24.24% in the most recent quarter. The Hedge Fund company now holds 7,500 shares of CMI which is valued at $877,725. Cummins makes up approx 0.13% of Bedrijfstakpensioenfonds Voor De Media Pno’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in CMI in the latest quarter, The investment management firm added 13,235 additional shares and now holds a total of 49,431 shares of Cummins which is valued at $5,739,433. Cummins makes up approx 0.02% of Bnp Paribas Arbitrage Sa’s portfolio.Windward Capital Management Co Ca reduced its stake in CMI by selling 253 shares or 0.57% in the most recent quarter. The Hedge Fund company now holds 43,833 shares of CMI which is valued at $5,089,450. Cummins makes up approx 0.99% of Windward Capital Management Co Ca’s portfolio.

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.

Many Wall Street Analysts have commented on Cummins. 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 was Upgraded by BofA/Merrill to ” Neutral” on Apr 18, 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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