PACCAR Inc (NASDAQ:PCAR) Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in PACCAR Inc (NASDAQ:PCAR) by 49.6% during the third quarter, HoldingsChannel.com reports. The fund owned 3,515,184 shares of the company’s stock after acquiring an additional 1,164,692 shares during the period. JPMorgan Chase & Co.’s holdings in PACCAR were worth $346,878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in PCAR. Quarry LP bought a new position in PACCAR in the 2nd quarter worth about $26,000. Meeder Asset Management Inc. boosted its position in shares of PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after buying an additional 205 shares during the period. Ashton Thomas Private Wealth LLC bought a new position in PACCAR in the 2nd quarter worth approximately $36,000. Grove Bank & Trust raised its stake in PACCAR by 28.4% during the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company’s stock valued at $46,000 after acquiring an additional 103 shares in the last quarter. Finally, Sander Capital Advisors Inc. bought a new stake in PACCAR during the 3rd quarter valued at $50,000. 64.90% of the stock is owned by institutional investors.

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the sale, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. This trade 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 worth $6,358,552 over the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Wall Street Analyst Weigh In

PCAR has been the subject of several research analyst reports. Truist Financial upped their price objective on shares of PACCAR from $107.00 to $110.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Morgan Stanley decreased their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. Finally, Citigroup lifted their price objective on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $118.50.

PACCAR Stock Performance

NASDAQ:PCAR opened at $104.57 on Monday. The firm has a market capitalization of $54.83 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.77 and a beta of 0.91. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50. The firm has a 50-day moving average price of $111.16 and a 200 day moving average price of $103.86.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter last year, the company earned $2.34 EPS. PACCAR’s revenue was down 5.2% on a year-over-year basis. Research analysts anticipate that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The company also recently declared a dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 20th will be issued a dividend of $3.00 per share. This is an increase from PACCAR’s previous dividend of $0.89. The ex-dividend date is Friday, December 20th. PACCAR’s dividend payout ratio (DPR) is currently 14.75%.

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.