Pitcairn Co. Cuts Position in PACCAR Inc (NASDAQ:PCAR)

Pitcairn Co. cut its holdings in PACCAR Inc (NASDAQ:PCAR) by 22.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,861 shares of the company’s stock after selling 1,113 shares during the period. Pitcairn Co.’s holdings in PACCAR were worth $381,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Great Valley Advisor Group Inc. increased its position in shares of PACCAR by 65.6% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 42,928 shares of the company’s stock valued at $4,236,000 after purchasing an additional 17,013 shares during the last quarter. Meridian Wealth Management LLC bought a new position in PACCAR during the third quarter valued at about $334,000. Charles Schwab Investment Management Inc. increased its holdings in PACCAR by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,052,899 shares of the company’s stock worth $301,260,000 after buying an additional 47,855 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in PACCAR by 47.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock worth $1,006,033,000 after buying an additional 3,296,146 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in PACCAR by 12.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 797,521 shares of the company’s stock worth $78,699,000 after acquiring an additional 88,784 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PACCAR

In other news, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the transaction, the senior vice president now owns 7,121 shares of the company’s stock, valued at $761,947. This represents a 58.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the sale, the vice president now directly owns 3,061 shares of the company’s stock, valued at $328,353.47. This represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 in the last 90 days. Corporate insiders own 2.02% of the company’s stock.

PACCAR Price Performance

PCAR stock opened at $115.82 on Wednesday. The firm has a 50 day moving average of $106.55 and a 200-day moving average of $103.09. The firm has a market capitalization of $60.72 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.34 EPS. As a group, sell-side analysts predict that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.04%. PACCAR’s dividend payout ratio is currently 13.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PCAR shares. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. Truist Financial upped their price target on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a report on Monday, November 4th. Finally, Citigroup upped their price objective on shares of PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, November 20th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $117.64.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.