JPMorgan Chase & Co. Buys 1,164,692 Shares of PACCAR Inc (NASDAQ:PCAR)

JPMorgan Chase & Co. boosted its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 49.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,515,184 shares of the company's stock after acquiring an additional 1,164,692 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of PACCAR worth $346,878,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Quarry LP bought a new position in shares of PACCAR in the second quarter worth $26,000. Meeder Asset Management Inc. grew its position in PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company's stock valued at $29,000 after buying an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in PACCAR during the 2nd quarter valued at about $36,000. Grove Bank & Trust raised its position in shares of PACCAR by 28.4% during the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company's stock worth $46,000 after buying an additional 103 shares in the last quarter. Finally, Sander Capital Advisors Inc. acquired a new stake in shares of PACCAR in the 3rd quarter worth approximately $50,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PCAR shares. Jefferies Financial Group lowered shares of PACCAR from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research note on Friday, December 6th. JPMorgan Chase & Co. lowered their price target on PACCAR from $125.00 to $122.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley cut their price objective on PACCAR from $135.00 to $126.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $119.00 target price on shares of PACCAR in a report on Monday, November 4th. Finally, Evercore ISI upgraded shares of PACCAR from an "in-line" rating to an "outperform" rating and boosted their price target for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $118.50.

PACCAR Trading Down 0.9 %

Shares of PCAR stock traded down $0.96 during trading hours on Monday, reaching $103.61. 1,608,628 shares of the stock traded hands, compared to its average volume of 2,571,122. The business has a fifty day moving average price of $111.04 and a 200 day moving average price of $103.84. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $54.32 billion, a PE ratio of 11.58, a PEG ratio of 1.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results 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. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The company's revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.34 EPS. On average, equities research analysts forecast that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from PACCAR's previous dividend of $0.89. PACCAR's dividend payout ratio (DPR) is presently 14.75%.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,191 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now owns 171,776 shares in the company, valued at $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the transaction, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. The trade was a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 in the last 90 days. 2.02% of the stock is currently owned by corporate insiders.

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.