Envestnet Asset Management Inc. Cuts Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Envestnet Asset Management Inc. trimmed its position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 9.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 549,792 shares of the company's stock after selling 58,422 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of PACCAR worth $57,189,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. increased its stake in PACCAR by 221.8% during the 4th quarter. Meeder Asset Management Inc. now owns 280 shares of the company's stock valued at $29,000 after purchasing an additional 193 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of PACCAR in the 4th quarter worth about $37,000. Kestra Investment Management LLC acquired a new stake in shares of PACCAR in the 4th quarter worth about $37,000. Atala Financial Inc bought a new position in PACCAR in the 4th quarter valued at about $43,000. Finally, Regents Gate Capital LLP acquired a new position in PACCAR during the 4th quarter valued at about $44,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Stock Performance

Shares of NASDAQ PCAR traded down $0.29 during trading on Tuesday, reaching $89.26. 640,513 shares of the stock traded hands, compared to its average volume of 2,736,614. The company has a 50-day moving average of $100.57 and a 200-day moving average of $106.15. PACCAR Inc has a 52-week low of $85.10 and a 52-week high of $121.75. The stock has a market capitalization of $46.85 billion, a P/E ratio of 11.27, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

Remove Ads

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results 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 return on equity of 23.53% and a net margin of 12.36%. Analysts forecast that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.48%. This is an increase from PACCAR's previous quarterly dividend of $0.30. PACCAR's dividend payout ratio is currently 16.69%.

Insider Transactions at PACCAR

In other news, VP Michael K. Walton sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the sale, the vice president now directly owns 951 shares of the company's stock, valued at approximately $100,929.63. This represents a 86.32 % 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, CFO Harrie Schippers sold 28,676 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the transaction, the chief financial officer now owns 114,659 shares of the company's stock, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 165,547 shares of company stock valued at $18,261,908 over the last three months. Company insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent research reports. UBS Group lowered PACCAR from a "neutral" rating to a "sell" rating and dropped their target price for the company from $108.00 to $78.00 in a report on Monday, April 7th. Evercore ISI dropped their price objective on PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 19th. Citigroup reduced their target price on shares of PACCAR from $105.00 to $95.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Bank of America upgraded shares of PACCAR from a "neutral" rating to a "buy" rating and increased their target price for the company from $116.00 to $121.50 in a report on Tuesday, January 14th. Finally, Truist Financial cut their price target on shares of PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $112.13.

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.