Peapack Gladstone Financial Corp Has $25.31 Million Position in Cummins Inc. (NYSE:CMI)

Peapack Gladstone Financial Corp reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,603 shares of the company's stock after selling 2,492 shares during the period. Peapack Gladstone Financial Corp owned about 0.05% of Cummins worth $25,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Vanguard Group Inc. boosted its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the period. State Street Corp grew its stake in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Geode Capital Management LLC increased its position in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after buying an additional 84,112 shares during the period. Fisher Asset Management LLC lifted its stake in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Cummins during the fourth quarter valued at $499,490,000. Institutional investors own 83.46% of the company's stock.

Cummins Price Performance

Cummins stock traded up $0.90 during midday trading on Friday, hitting $282.65. The company's stock had a trading volume of 234,718 shares, compared to its average volume of 811,370. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock's 50-day moving average price is $337.17 and its 200-day moving average price is $347.05. The company has a market capitalization of $38.93 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 EPS. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.58%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of analyst reports. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Citigroup reduced their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research report on Tuesday. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Truist Financial decreased their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $354.17.

About Cummins

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.