Bar Harbor Wealth Management Cuts Position in PACCAR Inc (NASDAQ:PCAR)

Bar Harbor Wealth Management lowered its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 40.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,882 shares of the company's stock after selling 8,634 shares during the quarter. Bar Harbor Wealth Management's holdings in PACCAR were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new position in shares of PACCAR in the second quarter valued at approximately $26,000. Meeder Asset Management Inc. raised its position in PACCAR by 269.7% during the 2nd 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 last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of PACCAR in the 2nd quarter worth $36,000. Grove Bank & Trust boosted its holdings in shares of PACCAR by 28.4% in the third 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. acquired a new position in shares of PACCAR during the third quarter worth about $50,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 27,191 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Harrie Schippers sold 20,000 shares of the business's stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the completion of the sale, the chief financial officer now owns 105,558 shares of the company's stock, valued at approximately $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,315 shares of company stock valued at $6,358,552. Company insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PCAR. Evercore ISI upgraded shares of PACCAR from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on PACCAR from $122.00 to $125.00 and gave the company an "overweight" rating in a report on Monday. Truist Financial upped their price objective on PACCAR from $107.00 to $110.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Citigroup raised their target price on PACCAR from $120.00 to $125.00 and gave the company a "neutral" rating in a report on Monday, December 9th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $118.75.

PACCAR Price Performance

Shares of PACCAR stock traded up $1.58 during trading on Monday, hitting $108.16. 2,168,879 shares of the company were exchanged, compared to its average volume of 2,285,526. The firm has a 50 day moving average price of $111.33 and a 200 day moving average price of $103.84. The stock has a market capitalization of $56.71 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.77 and a beta of 0.93. 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 fifty-two week low of $90.04 and a fifty-two week high of $125.50.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the prior year, the business earned $2.34 earnings per share. The business's revenue was down 5.2% on a year-over-year basis. On average, equities analysts expect that PACCAR Inc will post 7.98 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. Stockholders of record on Friday, December 20th were given a $3.00 dividend. The ex-dividend date was Friday, December 20th. This is a positive change from PACCAR's previous dividend of $0.89. PACCAR's payout ratio is currently 14.75%.

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.