Wharton Business Group Lowers stake in Cummins (CMI)

Cummins (CMI) : Wharton Business Group reduced its stake in Cummins by 68.09% during the most recent quarter end. The investment management company now holds a total of 3,459 shares of Cummins which is valued at $439,673 after selling 7,380 shares in Cummins , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Cummins makes up approximately 0.05% of Wharton Business Group’s portfolio.

Other Hedge Funds, Including , Columbia Asset Management reduced its stake in CMI by selling 1,275 shares or 27.27% in the most recent quarter. The Hedge Fund company now holds 3,400 shares of CMI which is valued at $432,174. Cummins makes up approx 0.15% of Columbia Asset Management’s portfolio.Linscomb Williams boosted its stake in CMI in the latest quarter, The investment management firm added 1,268 additional shares and now holds a total of 15,830 shares of Cummins which is valued at $1,984,132. Cummins makes up approx 0.20% of Linscomb Williams’s portfolio. Dupont Capital Management Corp added CMI to its portfolio by purchasing 13,629 company shares during the most recent quarter which is valued at $1,666,554. Cummins makes up approx 0.04% of Dupont Capital Management Corp’s portfolio.Gemmer Asset Management reduced its stake in CMI by selling 10 shares or 7.09% in the most recent quarter. The Hedge Fund company now holds 131 shares of CMI which is valued at $15,486. Cummins makes up approx 0.01% of Gemmer Asset Management’s portfolio. Breton Hill Capital Ltd. sold out all of its stake in CMI during the most recent quarter. The investment firm sold 8,025 shares of CMI which is valued $947,993.

Cummins opened for trading at $126.91 and hit $127.55 on the upside on Monday, eventually ending the session at $127.01, with a gain of 0.22% or 0.28 points. The heightened volatility saw the trading volume jump to 11,88,872 shares. Company has a market cap of $21,419 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.

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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