Allspring Global Investments Holdings LLC Has $57.95 Million Position in PACCAR Inc (NASDAQ:PCAR)

Allspring Global Investments Holdings LLC reduced its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 25.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 587,243 shares of the company's stock after selling 200,234 shares during the period. Allspring Global Investments Holdings LLC owned 0.11% of PACCAR worth $57,949,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Quarry LP bought a new position in PACCAR during the second quarter worth about $26,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR in the first quarter valued at about $27,000. Riverview Trust Co bought a new stake in PACCAR during the first quarter worth about $29,000. Meeder Asset Management Inc. raised its holdings in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company's stock worth $29,000 after acquiring an additional 205 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in PACCAR during the second quarter worth about $36,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Price Performance

Shares of PCAR stock traded down $4.82 during trading on Tuesday, hitting $104.79. The company had a trading volume of 7,366,794 shares, compared to its average volume of 2,524,369. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The firm has a market capitalization of $54.93 billion, a P/E ratio of 11.10, a price-to-earnings-growth ratio of 1.70 and a beta of 0.91. The stock's 50-day moving average price is $98.54 and its 200 day moving average price is $103.53. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.14 by ($0.01). PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The business had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter in the previous year, the company earned $2.33 earnings per share. The firm's revenue for the quarter was down 2.1% on a year-over-year basis. Equities analysts expect that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.15%. The ex-dividend date is Wednesday, November 13th. PACCAR's payout ratio is presently 12.71%.

Insider Activity

In related news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares in the company, valued at $16,066,583.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PCAR has been the topic of several analyst reports. StockNews.com upgraded PACCAR from a "hold" rating to a "buy" rating in a report on Wednesday, July 24th. Raymond James initiated coverage on PACCAR in a report on Friday, June 28th. They set a "market perform" rating on the stock. JPMorgan Chase & Co. upped their target price on PACCAR from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 11th. Truist Financial lowered their price target on PACCAR from $107.00 to $103.00 and set a "hold" rating on the stock in a research report on Wednesday, October 9th. Finally, Evercore ISI lowered their price target on PACCAR from $109.00 to $99.00 and set an "in-line" rating on the stock in a research report on Monday, August 19th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $114.00.

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.