Harvest Fund Management Co. Ltd Acquires 8,287 Shares of PACCAR Inc (NASDAQ:PCAR)

Harvest Fund Management Co. Ltd raised its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 52.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,147 shares of the company’s stock after purchasing an additional 8,287 shares during the period. Harvest Fund Management Co. Ltd’s holdings in PACCAR were worth $2,383,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP bought a new stake in PACCAR in the second quarter valued at $26,000. New Covenant Trust Company N.A. purchased a new stake in PACCAR in the first quarter worth about $27,000. Meeder Asset Management Inc. boosted its position in PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in PACCAR during the 2nd quarter valued at approximately $36,000. Finally, Fortitude Family Office LLC raised its position in shares of PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Stock Up 0.6 %

PCAR opened at $114.75 on Monday. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50. The firm’s 50 day simple moving average is $105.77 and its two-hundred day simple moving average is $102.99. 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 company has a market capitalization of $60.16 billion, a PE ratio of 12.82, a PEG ratio of 1.80 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same period last year, the firm earned $2.34 EPS. PACCAR’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities analysts forecast 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 annualized dividend and a yield of 1.05%. The ex-dividend date is Wednesday, November 13th. PACCAR’s dividend payout ratio is 13.41%.

Insiders Place Their Bets

In related news, VP Todd R. Hubbard sold 3,230 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the transaction, the vice president now owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This represents a 51.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,315 shares of company stock worth $6,358,552. Company insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PCAR shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a report on Monday, November 4th. Citigroup boosted their target price on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, November 20th. BNP Paribas upgraded PACCAR to a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. dropped their price target on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Morgan Stanley decreased their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PACCAR currently has a consensus rating of “Hold” and an average price target of $117.64.

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.