Verition Fund Management LLC boosted its stake in PACCAR Inc (NASDAQ:PCAR - Free Report) by 41.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,960 shares of the company's stock after purchasing an additional 8,457 shares during the period. Verition Fund Management LLC's holdings in PACCAR were worth $2,858,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its position in PACCAR by 47.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company's stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares during the last quarter. Renaissance Technologies LLC bought a new stake in PACCAR in the second quarter valued at $88,437,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in PACCAR by 115.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company's stock valued at $106,047,000 after purchasing an additional 576,532 shares during the period. Squarepoint Ops LLC lifted its position in shares of PACCAR by 3,019.7% in the 2nd quarter. Squarepoint Ops LLC now owns 442,564 shares of the company's stock worth $45,558,000 after purchasing an additional 428,378 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of PACCAR during the 2nd quarter valued at about $39,238,000. 64.90% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have recently commented on PCAR. Evercore ISI upgraded PACCAR from an "in-line" rating to an "outperform" rating and raised their target price for the company from $99.00 to $129.00 in a research note on Wednesday, November 13th. Royal Bank of Canada restated a "sector perform" rating and set a $119.00 target price on shares of PACCAR in a report on Monday, November 4th. JPMorgan Chase & Co. decreased their price target on shares of PACCAR from $125.00 to $122.00 and set an "overweight" rating for the company in a research note on Wednesday, October 23rd. Truist Financial boosted their price objective on shares of PACCAR from $103.00 to $107.00 and gave the stock a "hold" rating in a research note on Wednesday, October 23rd. Finally, Citigroup raised their target price on shares of PACCAR from $110.00 to $120.00 and gave the company a "neutral" rating in a research note on Wednesday, November 20th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $117.64.
Read Our Latest Stock Analysis on PACCAR
Insiders Place Their Bets
In other news, VP Todd R. Hubbard sold 3,230 shares of the firm's stock in a transaction dated Friday, October 25th. The stock was 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 owns 3,061 shares in the company, valued at $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Harrie Schippers sold 20,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $106.93, for a total value of $2,138,600.00. Following the transaction, the chief financial officer now directly owns 105,558 shares of the company's stock, valued at approximately $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock worth $6,358,552 over the last quarter. 2.02% of the stock is currently owned by corporate insiders.
PACCAR Stock Performance
PACCAR stock traded down $0.75 during mid-day trading on Thursday, reaching $117.66. 989,301 shares of the stock traded hands, compared to its average volume of 2,588,797. The stock has a market capitalization of $61.69 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.83 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The business's 50-day moving average is $108.75 and its 200-day moving average is $103.53. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50.
PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter last year, the firm posted $2.34 earnings per share. The firm's revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that PACCAR Inc will post 7.98 EPS for the current fiscal year.
PACCAR Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.02%. PACCAR's dividend payout ratio (DPR) is presently 13.41%.
About PACCAR
(
Free Report)
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.
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