Mount Lucas Management LP Sells 25,272 Shares of PACCAR Inc (NASDAQ:PCAR)

Mount Lucas Management LP reduced its stake in PACCAR Inc (NASDAQ:PCAR - Free Report) by 51.3% during the third quarter, according to its most recent filing with the SEC. The fund owned 24,021 shares of the company's stock after selling 25,272 shares during the quarter. Mount Lucas Management LP's holdings in PACCAR were worth $2,370,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capital International Investors increased its position in shares of PACCAR by 44.8% in the first quarter. Capital International Investors now owns 3,962,928 shares of the company's stock worth $490,967,000 after purchasing an additional 1,225,468 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in PACCAR in the second quarter worth $88,437,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in PACCAR in the second quarter worth $51,277,000. Squarepoint Ops LLC lifted its position in PACCAR by 3,019.7% during the second quarter. Squarepoint Ops LLC now owns 442,564 shares of the company's stock valued at $45,558,000 after buying an additional 428,378 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in PACCAR during the second quarter valued at $39,238,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Down 2.4 %

Shares of NASDAQ:PCAR traded down $2.80 on Friday, hitting $112.26. 2,528,677 shares of the company's stock were exchanged, compared to its average volume of 2,852,138. The firm's 50-day moving average is $104.03 and its 200 day moving average is $102.80. The company has a market capitalization of $58.86 billion, a PE ratio of 12.54, a P/E/G ratio of 1.76 and a beta of 0.89. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25.

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 analysts' consensus estimates of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to analysts' expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business's revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.34 EPS. Sell-side analysts predict that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR's payout ratio is currently 13.41%.

Wall Street Analyst Weigh In

PCAR has been the subject of a number of recent research reports. Evercore ISI upgraded PACCAR from an "in-line" rating to an "outperform" rating and boosted their price target for the company from $99.00 to $129.00 in a research note on Wednesday. BNP Paribas raised PACCAR to a "hold" rating in a report on Wednesday, October 16th. Morgan Stanley lowered their price target on PACCAR from $135.00 to $126.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective on PACCAR from $121.00 to $109.00 and set a "buy" rating for the company in a research note on Wednesday, July 24th. Finally, Citigroup lifted their price target on PACCAR from $100.00 to $108.00 and gave the company a "neutral" rating in a research report on Wednesday, October 9th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, PACCAR presently has an average rating of "Hold" and a consensus price target of $116.55.

Insider Transactions at PACCAR

In other news, 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 transaction, the vice president now owns 3,061 shares in the company, valued at $328,353.47. This represents a 51.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the completion of the transaction, the senior vice president now owns 7,121 shares in the company, valued at $761,947. This represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is currently owned by insiders.

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.