Tidal Investments LLC Reduces Position in PACCAR Inc (NASDAQ:PCAR)

Tidal Investments LLC cut its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 48.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,821 shares of the company's stock after selling 10,234 shares during the period. Tidal Investments LLC's holdings in PACCAR were worth $1,068,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PCAR. Morgan Stanley lowered their target price on PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. BNP Paribas upgraded PACCAR to a "hold" rating in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated a "sector perform" rating and set a $119.00 price objective on shares of PACCAR in a research note on Monday, November 4th. Truist Financial raised their target price on PACCAR from $107.00 to $110.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased 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. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $118.50.

PACCAR Trading Down 2.0 %

Shares of PCAR stock traded down $2.19 during mid-day trading on Friday, reaching $105.32. The stock had a trading volume of 6,269,136 shares, compared to its average volume of 2,594,300. PACCAR Inc has a 52-week low of $90.04 and a 52-week high of $125.50. The firm has a market capitalization of $55.22 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.77 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. The stock's 50-day moving average price is $111.47 and its two-hundred day moving average price is $104.00.

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

PACCAR Increases Dividend

The firm also recently announced a dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th will be given a $3.00 dividend. The ex-dividend date is Friday, December 20th. This is an increase from PACCAR's previous dividend of $0.89. PACCAR's dividend payout ratio is currently 13.41%.

Insider Buying and Selling

In other PACCAR news, CFO Harrie Schippers sold 20,000 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the transaction, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock worth $6,358,552 in the last three months. 2.02% of the stock is owned by corporate 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.