Bank of New York Mellon Corp Boosts Stock Position in PACCAR Inc (NASDAQ:PCAR)

Bank of New York Mellon Corp raised its position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 1.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,505,964 shares of the company's stock after purchasing an additional 61,457 shares during the quarter. Bank of New York Mellon Corp owned 0.67% of PACCAR worth $364,690,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in shares of PACCAR during the 4th quarter valued at $37,000. Kestra Investment Management LLC purchased a new position in shares of PACCAR in the fourth quarter valued at about $37,000. Regents Gate Capital LLP bought a new position in shares of PACCAR in the fourth quarter worth about $44,000. Ashton Thomas Securities LLC purchased a new stake in shares of PACCAR during the third quarter worth about $52,000. Finally, AdvisorNet Financial Inc grew its position in shares of PACCAR by 223.4% during the fourth quarter. AdvisorNet Financial Inc now owns 566 shares of the company's stock worth $59,000 after purchasing an additional 391 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the sale, the vice president now directly owns 5,463 shares in the company, valued at approximately $612,129.15. This represents a 26.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 25,200 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $110.98, for a total value of $2,796,696.00. Following the transaction, the chief executive officer now owns 206,129 shares of the company's stock, valued at approximately $22,876,196.42. The trade was a 10.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock valued at $18,261,908 over the last 90 days. Insiders own 2.02% of the company's stock.

Analyst Ratings Changes

PCAR has been the subject of several recent analyst reports. 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 note on Friday, December 6th. Bank of America raised shares of PACCAR from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $116.00 to $121.50 in a report on Tuesday, January 14th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Citigroup decreased their price target on shares of PACCAR from $125.00 to $115.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 14th. Finally, Truist Financial increased their price objective on shares of PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $121.77.

PACCAR Trading Up 1.6 %

Shares of PACCAR stock traded up $1.74 on Friday, reaching $107.24. The company had a trading volume of 3,414,439 shares, compared to its average volume of 2,400,988. The firm's 50-day moving average price is $107.24 and its two-hundred day moving average price is $105.73. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $125.50. The firm has a market cap of $56.28 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 2.77 and a beta of 0.92. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

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

PACCAR Increases Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were given a $3.00 dividend. 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 is 16.69%.

PACCAR 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.