Westpac Banking Corp Reduces Holdings in PACCAR Inc (NASDAQ:PCAR)

Westpac Banking Corp reduced its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 86.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 733 shares of the company's stock after selling 4,835 shares during the quarter. Westpac Banking Corp's holdings in PACCAR were worth $76,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PCAR. Principal Financial Group Inc. increased its holdings in PACCAR by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock worth $335,334,000 after buying an additional 178,813 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of PACCAR by 9.7% in the third quarter. HighTower Advisors LLC now owns 232,398 shares of the company's stock valued at $22,970,000 after purchasing an additional 20,469 shares during the last quarter. Janus Henderson Group PLC raised its holdings in PACCAR by 3.0% in the 3rd quarter. Janus Henderson Group PLC now owns 65,511 shares of the company's stock valued at $6,464,000 after acquiring an additional 1,900 shares during the period. IHT Wealth Management LLC acquired a new stake in PACCAR during the 3rd quarter worth approximately $297,000. Finally, Morse Asset Management Inc bought a new stake in PACCAR in the 3rd quarter valued at $370,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

PCAR has been the topic of several recent research reports. Citigroup lowered their target price on shares of PACCAR from $105.00 to $95.00 and set a "neutral" rating on the stock in a report on Tuesday. Melius raised PACCAR from a "hold" rating to a "buy" rating in a report on Tuesday, March 18th. JPMorgan Chase & Co. reduced their price target on shares of PACCAR from $132.00 to $121.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 18th. UBS Group downgraded shares of PACCAR from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $108.00 to $78.00 in a report on Monday. Finally, Evercore ISI cut their price objective on PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $113.46.

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Insider Buying and Selling

In other news, VP Michael K. Walton sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the transaction, the vice president now owns 951 shares of the company's stock, valued at $100,929.63. This represents a 86.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the sale, the vice president now directly owns 5,463 shares of the company's stock, valued at approximately $612,129.15. This trade represents a 26.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 165,547 shares of company stock valued at $18,261,908. 2.02% of the stock is owned by company insiders.

PACCAR Stock Down 6.7 %

Shares of PACCAR stock traded down $6.25 during trading on Thursday, reaching $87.68. 1,167,931 shares of the company traded hands, compared to its average volume of 2,717,974. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The firm has a market capitalization of $46.02 billion, a PE ratio of 11.07, a P/E/G ratio of 2.77 and a beta of 0.96. The company has a 50 day moving average price of $101.69 and a 200-day moving average price of $106.28. PACCAR Inc has a 1-year low of $85.10 and a 1-year high of $121.75.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. As a group, equities research analysts expect that PACCAR Inc will post 7.57 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were given a dividend of $0.33 per share. The ex-dividend date was Wednesday, February 12th. This represents a $1.32 annualized dividend and a yield of 1.51%. This is a positive change from PACCAR's previous quarterly dividend of $0.30. PACCAR's dividend payout ratio is presently 16.69%.

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.