Hartford Investment Management Co. Reduces Position in PACCAR Inc (NASDAQ:PCAR)

Hartford Investment Management Co. decreased its holdings in PACCAR Inc (NASDAQ:PCAR) by 1.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 32,969 shares of the company’s stock after selling 622 shares during the period. Hartford Investment Management Co.’s holdings in PACCAR were worth $3,253,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Miracle Mile Advisors LLC grew its stake in shares of PACCAR by 3.8% in the first quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock worth $307,000 after acquiring an additional 91 shares during the period. Security National Bank grew its position in PACCAR by 4.2% in the 2nd quarter. Security National Bank now owns 2,328 shares of the company’s stock worth $240,000 after purchasing an additional 93 shares during the period. Brookstone Capital Management raised its stake in PACCAR by 4.1% during the 2nd quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock valued at $258,000 after buying an additional 94 shares during the last quarter. CVA Family Office LLC lifted its holdings in shares of PACCAR by 13.3% during the 3rd quarter. CVA Family Office LLC now owns 827 shares of the company’s stock valued at $82,000 after buying an additional 97 shares during the period. Finally, Graypoint LLC boosted its stake in shares of PACCAR by 2.9% in the 1st quarter. Graypoint LLC now owns 3,557 shares of the company’s stock worth $441,000 after buying an additional 99 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the sale, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Stock Down 0.9 %

Shares of PCAR stock opened at $103.80 on Thursday. The company has a market capitalization of $54.41 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 1.70 and a beta of 0.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The company’s fifty day moving average price is $98.98 and its 200-day moving average price is $103.41. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR) last posted 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 business had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm earned $2.34 earnings per share. Sell-side analysts expect that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be issued 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 1.16%. PACCAR’s dividend payout ratio is presently 12.71%.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of recent research reports. BNP Paribas raised PACCAR to a “hold” rating in a report on Wednesday, October 16th. Truist Financial increased their price objective on shares of PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Morgan Stanley reduced their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average price target of $114.18.

PACCAR Company Profile

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.