Geode Capital Management LLC Sells 613,898 Shares of PACCAR Inc (NASDAQ:PCAR)

Geode Capital Management LLC lowered its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,879,651 shares of the company's stock after selling 613,898 shares during the quarter. Geode Capital Management LLC owned about 2.27% of PACCAR worth $1,171,284,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in PCAR. Security National Bank boosted its position in PACCAR by 4.2% in the 2nd quarter. Security National Bank now owns 2,328 shares of the company's stock valued at $240,000 after buying an additional 93 shares during the last quarter. Brookstone Capital Management raised its holdings in PACCAR by 4.1% during the 2nd quarter. Brookstone Capital Management now owns 2,366 shares of the company's stock worth $258,000 after purchasing an additional 94 shares during the last quarter. CVA Family Office LLC raised its holdings in PACCAR by 13.3% during the 3rd quarter. CVA Family Office LLC now owns 827 shares of the company's stock worth $82,000 after purchasing an additional 97 shares during the last quarter. Omnia Family Wealth LLC lifted its position in PACCAR by 2.5% during the 3rd quarter. Omnia Family Wealth LLC now owns 3,993 shares of the company's stock valued at $394,000 after purchasing an additional 98 shares during the period. Finally, Grove Bank & Trust boosted its stake in shares of PACCAR by 28.4% in the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company's stock valued at $46,000 after purchasing an additional 103 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCAR. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $119.00 price objective on shares of PACCAR in a research note on Monday, November 4th. Citigroup raised their price target on PACCAR from $120.00 to $125.00 and gave the stock a "neutral" rating in a research report on Monday. Morgan Stanley dropped 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. Truist Financial raised their target price on PACCAR from $103.00 to $107.00 and gave the stock a "hold" rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group cut 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. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $118.25.

PACCAR Stock Up 0.4 %

Shares of PCAR stock traded up $0.48 on Wednesday, hitting $115.85. 2,218,317 shares of the stock were exchanged, compared to its average volume of 2,583,089. The business has a 50-day moving average of $110.17 and a 200 day moving average of $103.74. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The firm has a market capitalization of $60.74 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 1.82 and a beta of 0.91. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.03. The business had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The firm's revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.34 earnings per share. Equities analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th will be given a $0.33 dividend. The ex-dividend date is Wednesday, February 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.14%. This is an increase from PACCAR's previous quarterly dividend of $0.30. PACCAR's payout ratio is currently 13.41%.

Insider Buying and Selling

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

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.