Cummins Inc. $CMI Stock Holdings Decreased by Peapack Gladstone Financial Corp

Key Points

• Peapack Gladstone Financial Corp trimmed its Cummins stake by 4.7% in the fourth quarter, selling 3,152 shares and leaving it with 64,342 shares valued at about $32.8 million.
• Cummins reported strong quarterly results, with EPS of $6.15 beating expectations and revenue of $8.40 billion slightly ahead of forecasts; revenue also rose 2.7% from a year earlier.
• The company announced a quarterly dividend of $2.00 per share payable June 4, while analysts maintained a Moderate Buy view with an average price target of $700.50.

Peapack Gladstone Financial Corp reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). 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 SEC filing.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position 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 acquiring an additional 98,544 shares in the last quarter. Geode Capital Management LLC increased its position 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 acquiring an additional 35,286 shares in the last quarter. Fisher Asset Management LLC increased its position 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 acquiring an additional 43,722 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position 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 acquiring an additional 2,434,876 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cummins in the fourth quarter worth approximately $863,441,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $646.53 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $89.22 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. The company has a 50 day moving average price of $623.70 and a two-hundred day moving average price of $570.47. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMI. Wall Street Zen downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. Truist Financial set a $815.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on shares of Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $700.50.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value 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. The trade was a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company's stock, valued at $8,177,519.01. This trade represents a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 17,633 shares of company stock valued at $11,653,357. Insiders own 0.30% of the company's stock.

Cummins Profile

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.

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