PACCAR Inc (NASDAQ:PCAR) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC trimmed its position in PACCAR Inc (NASDAQ:PCAR) by 15.5% during the third quarter, Holdings Channel.com reports. The firm owned 7,823 shares of the company’s stock after selling 1,439 shares during the period. Summit Trail Advisors LLC’s holdings in PACCAR were worth $772,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. BDF Gestion acquired a new stake in PACCAR in the second quarter valued at $2,862,000. Mengis Capital Management Inc. raised its position in shares of PACCAR by 2.9% during the 3rd quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company’s stock worth $18,863,000 after acquiring an additional 5,433 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of PACCAR during the 1st quarter worth about $1,359,000. Comerica Bank lifted its stake in PACCAR by 8.7% during the first quarter. Comerica Bank now owns 162,864 shares of the company’s stock worth $20,177,000 after purchasing an additional 13,075 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in PACCAR by 28.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company’s stock valued at $2,552,000 after purchasing an additional 5,437 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PCAR. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. BNP Paribas raised shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Truist Financial upped their price objective on shares of PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Morgan Stanley cut their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. decreased their target price on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Eight investment 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 currently has an average rating of “Hold” and an average price target of $117.64.

Insider Transactions at PACCAR

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

PACCAR Stock Up 1.6 %

PCAR opened at $116.54 on Tuesday. The business has a 50 day moving average price of $106.19 and a two-hundred day moving average price of $103.05. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a market cap of $61.10 billion, a PE ratio of 13.02, a P/E/G ratio of 1.80 and a beta of 0.89. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the company earned $2.34 earnings per share. As a group, research analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is 13.41%.

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.