Peapack Gladstone Financial Corp Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Peapack Gladstone Financial Corp lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 75,095 shares of the company's stock after selling 2,552 shares during the quarter. Peapack Gladstone Financial Corp owned approximately 0.05% of Cummins worth $24,314,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CMI. Chicago Capital LLC lifted its stake in shares of Cummins by 0.9% in the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company's stock valued at $1,065,000 after purchasing an additional 30 shares during the last quarter. Equitable Trust Co. raised its holdings in Cummins by 3.6% during the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company's stock valued at $298,000 after buying an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC lifted its position in Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company's stock worth $1,488,000 after buying an additional 35 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company's stock worth $520,000 after buying an additional 35 shares during the period. Finally, Fidelis Capital Partners LLC increased its position in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company's stock valued at $340,000 after acquiring an additional 38 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CMI shares. Robert W. Baird lifted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Citigroup increased their price target on Cummins from $415.00 to $435.00 and gave the stock a "buy" rating in a report on Monday. Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Finally, Truist Financial increased their target price on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $352.85.

Cummins Stock Down 0.8 %

NYSE:CMI traded down $3.06 during mid-day trading on Friday, hitting $367.51. 576,909 shares of the company's stock traded hands, compared to its average volume of 1,412,249. The company has a market capitalization of $50.42 billion, a P/E ratio of 24.48, a P/E/G ratio of 1.80 and a beta of 0.99. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a fifty day moving average of $352.47 and a 200 day moving average of $312.84.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm posted $4.73 earnings per share. The business's revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins's payout ratio is 48.08%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.