Harris Associates L P Lowers stake in Cummins (CMI)

Cummins (CMI) : Harris Associates L P reduced its stake in Cummins by 13.48% during the most recent quarter end. The investment management company now holds a total of 9,636,502 shares of Cummins which is valued at $1,077.3 Million after selling 1,501,173 shares in Cummins , the firm said in a disclosure report filed with the SEC on May 11, 2016.Cummins makes up approximately 2.06% of Harris Associates L P’s portfolio.

Other Hedge Funds, Including , United Capital Financial Advisers reduced its stake in CMI by selling 149 shares or 2.51% in the most recent quarter. The Hedge Fund company now holds 5,789 shares of CMI which is valued at $647,152. Cummins makes up approx 0.01% of United Capital Financial Advisers’s portfolio.Ftb Advisors boosted its stake in CMI in the latest quarter, The investment management firm added 9,484 additional shares and now holds a total of 10,954 shares of Cummins which is valued at $1.2 Million. Cummins makes up approx 0.14% of Ftb Advisors’s portfolio.Schwab Charles Investment Management Inc boosted its stake in CMI in the latest quarter, The investment management firm added 171,037 additional shares and now holds a total of 653,957 shares of Cummins which is valued at $75.2 Million. Cummins makes up approx 0.10% of Schwab Charles Investment Management Inc’s portfolio.Municipal Employees’ Retirement System Of Michigan reduced its stake in CMI by selling 30 shares or 0.42% in the most recent quarter. The Hedge Fund company now holds 7,130 shares of CMI which is valued at $819,879. Cummins makes up approx 0.05% of Municipal Employees’ Retirement System Of Michigan’s portfolio. Tradelink Capital added CMI to its portfolio by purchasing 2,352 company shares during the most recent quarter which is valued at $270,456. Cummins makes up approx 0.50% of Tradelink Capital’s portfolio.

Cummins opened for trading at $112 and hit $114.81 on the upside on Monday, eventually ending the session at $114.19, with a gain of 2.15% or 2.4 points. The heightened volatility saw the trading volume jump to 14,14,150 shares. Company has a market cap of $19,453 M.

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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