Cummins (CMI) : Kalos Management added new position in Cummins during the most recent quarter end. The investment management firm now holds 15,067 shares of Cummins which is valued at $1,842,393 , the company said in a statement filed on Aug 1, 2016 with the SEC.Cummins makes up approximately 1.39% of Kalos Management’s portfolio.
Other Hedge Funds, Including , Spinnaker Trust boosted its stake in CMI in the latest quarter, The investment management firm added 200 additional shares and now holds a total of 2,670 shares of Cummins which is valued at $326,488. Cummins makes up approx 0.04% of Spinnaker Trust’s portfolio.Moody Lynn Lieberson reduced its stake in CMI by selling 62,757 shares or 78.09% in the most recent quarter. The Hedge Fund company now holds 17,609 shares of CMI which is valued at $2,161,857. Cummins makes up approx 0.38% of Moody Lynn Lieberson’s portfolio.Quadrant Capital Group boosted its stake in CMI in the latest quarter, The investment management firm added 66 additional shares and now holds a total of 250 shares of Cummins which is valued at $30,693. Cummins makes up approx 0.02% of Quadrant Capital Group’s portfolio.Chevy Chase Trust Holdings reduced its stake in CMI by selling 1,623 shares or 1.18% in the most recent quarter. The Hedge Fund company now holds 135,972 shares of CMI which is valued at $15,595,988. Cummins makes up approx 0.09% of Chevy Chase Trust Holdings’s portfolio.First Financial Bank N.a. – Trust Division reduced its stake in CMI by selling 605 shares or 7.07% in the most recent quarter. The Hedge Fund company now holds 7,955 shares of CMI which is valued at $876,482. Cummins makes up approx 0.17% of First Financial Bank N.a. – Trust Division’s portfolio.
Cummins opened for trading at $122.08 and hit $123.85 on the upside on Thursday, eventually ending the session at $123.25, with a gain of 0.79% or 0.97 points. The heightened volatility saw the trading volume jump to 12,40,676 shares. Company has a market cap of $20,997 M.
On the company’s financial health, Cummins reported $2.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.22 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $2.18. The company had revenue of $4528.00 million for the quarter, compared to analysts expectations of $4498.39 million. The company’s revenue was down -9.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.62 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 .
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.