Allstate Corp Invests $1.61 Million in PACCAR Inc (NASDAQ:PCAR)

Allstate Corp acquired a new stake in PACCAR Inc (NASDAQ:PCAR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,425 shares of the company's stock, valued at approximately $1,605,000.

A number of other large investors have also added to or reduced their stakes in PCAR. Brown Brothers Harriman & Co. raised its stake in PACCAR by 12.6% in the 4th quarter. Brown Brothers Harriman & Co. now owns 5,364 shares of the company's stock valued at $558,000 after acquiring an additional 602 shares during the period. DnB Asset Management AS raised its position in shares of PACCAR by 11.8% in the fourth quarter. DnB Asset Management AS now owns 213,225 shares of the company's stock valued at $22,180,000 after purchasing an additional 22,506 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of PACCAR by 125.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 397,236 shares of the company's stock valued at $41,320,000 after purchasing an additional 221,410 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of PACCAR during the 4th quarter valued at approximately $4,508,000. Finally, Easterly Investment Partners LLC boosted its holdings in PACCAR by 59.1% in the 4th quarter. Easterly Investment Partners LLC now owns 11,575 shares of the company's stock worth $1,204,000 after buying an additional 4,300 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup dropped their target price on PACCAR from $112.00 to $105.00 and set a "neutral" rating on the stock in a research report on Monday. Evercore ISI decreased their target price on shares of PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. Truist Financial raised their price target on shares of PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. UBS Group cut shares of PACCAR from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $124.00 to $108.00 in a report on Tuesday, March 18th. Finally, Jefferies Financial Group downgraded PACCAR from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $117.54.

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Insider Buying and Selling

In other PACCAR news, EVP Darrin C. Siver sold 103,671 shares of the business's 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. The trade was a 62.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Harrie Schippers sold 28,676 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the transaction, the chief financial officer now owns 114,659 shares of the company's stock, valued at $12,150,414.23. The trade was a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock valued at $18,261,908 over the last quarter. Corporate insiders own 2.02% of the company's stock.

PACCAR Stock Up 0.9 %

Shares of PCAR stock traded up $0.92 during midday trading on Tuesday, reaching $98.29. 2,193,917 shares of the stock were exchanged, compared to its average volume of 2,656,908. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $123.20. The firm has a market cap of $51.60 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. The company's 50 day moving average is $104.69 and its two-hundred day moving average is $106.76. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

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

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, February 12th. This represents a $1.32 annualized dividend and a yield of 1.34%. This is a positive change from PACCAR's previous quarterly dividend of $0.30. PACCAR's payout ratio is presently 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.