Cummins Inc. (NYSE:CMI) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp lessened its stake in Cummins Inc. (NYSE:CMI) by 3.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 75,095 shares of the company’s stock after selling 2,552 shares during the period. Peapack Gladstone Financial Corp’s holdings in Cummins were worth $24,314,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the second quarter worth $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the second quarter worth $28,000. Prospera Private Wealth LLC acquired a new stake in Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the third quarter worth $34,000. Finally, Gradient Investments LLC increased its stake in Cummins by 290.0% during the second quarter. Gradient Investments LLC now owns 156 shares of the company’s stock worth $43,000 after acquiring an additional 116 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. Robert W. Baird raised their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a research report on Monday. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $352.85.

Cummins Stock Up 0.1 %

Shares of NYSE CMI opened at $370.66 on Friday. The company has a market capitalization of $50.85 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a 50-day moving average of $352.47 and a two-hundred day moving average of $312.84. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company 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 business earned $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Cummins 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.