Peapack Gladstone Financial Corp Has $32.84 Million Stock Position in Cummins Inc. $CMI

Peapack Gladstone Financial Corp trimmed its position in Cummins Inc. (NYSE:CMI) by 4.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 64,342 shares of the company’s stock after selling 3,152 shares during the period. Peapack Gladstone Financial Corp’s holdings in Cummins were worth $32,843,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after buying an additional 98,544 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth $863,441,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CMI. Argus set a $696.00 price objective on shares of Cummins in a research note on Tuesday, February 10th. UBS Group set a $565.00 price objective on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $700.50.

Cummins Trading Down 0.0%

Shares of CMI stock opened at $646.53 on Monday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The firm’s fifty day simple moving average is $623.70 and its 200 day simple moving average is $570.47. The firm has a market capitalization of $89.22 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 29.4 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president owned 8,508 shares of the company’s stock, valued at $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,633 shares of company stock valued at $11,653,357 in the last three months. 0.30% of the stock is owned by insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.