Allspring Global Investments Holdings LLC Reduces Stock Position in PACCAR Inc (NASDAQ:PCAR)

Allspring Global Investments Holdings LLC decreased its position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 72.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,196 shares of the company's stock after selling 426,047 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PACCAR were worth $16,671,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PCAR. Wellington Management Group LLP grew 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 stake in PACCAR by 47.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company's stock valued at $1,006,033,000 after acquiring an additional 3,296,146 shares during the period. Fisher Asset Management LLC grew its stake in PACCAR by 1.8% in the 3rd quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock valued at $511,254,000 after acquiring an additional 89,245 shares during the period. JPMorgan Chase & Co. grew its stake in PACCAR by 49.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company's stock valued at $346,878,000 after acquiring an additional 1,164,692 shares during the period. Finally, Principal Financial Group Inc. grew its stake in PACCAR by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock valued at $335,334,000 after acquiring an additional 178,813 shares during the period. Institutional investors and hedge funds own 64.90% of the company's stock.

Insider Activity

In related news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now directly owns 5,463 shares of the company's stock, valued at $612,129.15. This trade represents a 26.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Darrin C. Siver sold 103,671 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $111.56, for a total value of $11,565,536.76. Following the sale, the executive vice president now directly owns 61,005 shares of the company's stock, valued at approximately $6,805,717.80. This represents a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 159,547 shares of company stock valued at $17,625,128. 2.02% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of research analyst reports. Morgan Stanley dropped their price target on shares of PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada reissued a "sector perform" rating and issued a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Evercore ISI decreased their price objective on PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a report on Wednesday. Truist Financial raised their price objective on PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. raised their price objective on PACCAR from $125.00 to $132.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, PACCAR has an average rating of "Moderate Buy" and a consensus price target of $121.77.

PACCAR Trading Down 0.7 %

Shares of NASDAQ PCAR traded down $0.75 during trading on Thursday, hitting $106.46. 1,804,431 shares of the company were exchanged, compared to its average volume of 2,291,243. The firm has a market capitalization of $55.82 billion, a PE ratio of 13.46, a P/E/G ratio of 2.77 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.39 and a current ratio of 1.67. The company has a fifty day moving average price of $107.80 and a 200-day moving average price of $105.06. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing analysts' consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. As a group, equities research analysts expect that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were issued a $3.00 dividend. This is an increase from PACCAR's previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR's dividend payout ratio is presently 16.69%.

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.