C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Takes Position in PACCAR Inc (NASDAQ:PCAR)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 17,795 shares of the company's stock, valued at approximately $1,851,000.

A number of other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in PACCAR by 53.3% in the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company's stock valued at $1,325,678,000 after acquiring an additional 4,669,172 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 purchasing an additional 3,296,146 shares in the last quarter. Fisher Asset Management LLC boosted its stake in PACCAR by 1.8% in the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock worth $511,254,000 after buying an additional 89,245 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in PACCAR by 49.6% in the third quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company's stock worth $346,878,000 after buying an additional 1,164,692 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in PACCAR by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock worth $335,334,000 after buying an additional 178,813 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PCAR. JPMorgan Chase & Co. upped their target price on PACCAR from $125.00 to $132.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Truist Financial increased their target price on PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Bank of America raised PACCAR from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $116.00 to $121.50 in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group downgraded PACCAR from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Friday, December 6th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, PACCAR currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.77.

Insider Transactions at PACCAR

In other PACCAR news, EVP Darrin C. Siver sold 103,671 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $111.56, for a total value of $11,565,536.76. Following the transaction, the executive vice president now directly owns 61,005 shares in the company, valued at $6,805,717.80. This represents a 62.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now owns 951 shares in the company, valued at $100,929.63. This represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock worth $18,261,908 over the last ninety days. Company insiders own 2.02% of the company's stock.

PACCAR Price Performance

Shares of PACCAR stock traded down $2.00 during mid-day trading on Friday, reaching $104.46. 2,978,755 shares of the stock traded hands, compared to its average volume of 2,311,501. The business has a 50-day moving average of $107.67 and a 200 day moving average of $105.07. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The stock has a market capitalization of $54.77 billion, a PE ratio of 13.21, a PEG ratio of 2.79 and a beta of 0.92. The company has a quick ratio of 1.39, a current ratio of 1.67 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. On average, analysts predict that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The company also recently declared a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were given a dividend of $3.00 per share. This is a positive change from PACCAR's previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR's dividend payout ratio (DPR) is currently 16.69%.

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.