PGGM Investments Sells 50,280 Shares of PACCAR Inc (NASDAQ:PCAR)

PGGM Investments cut its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 49.3% during the 4th quarter, Holdings Channel reports. The firm owned 51,643 shares of the company’s stock after selling 50,280 shares during the period. PGGM Investments’ holdings in PACCAR were worth $5,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP grew its position in PACCAR by 53.3% during the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after buying an additional 4,669,172 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of 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 acquiring an additional 3,296,146 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after purchasing an additional 1,164,692 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of PACCAR in the third quarter worth $63,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in PACCAR by 115.7% in the third 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 in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PCAR. Bank of America upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $116.00 to $121.50 in a research note on Tuesday, January 14th. Truist Financial increased their price target on shares of PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Jefferies Financial Group downgraded shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price objective for the company. in a research report on Friday, December 6th. JPMorgan Chase & Co. raised their target price on PACCAR from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Evercore ISI lowered their price target on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, PACCAR has a consensus rating of “Moderate Buy” and a consensus target price of $121.77.

PACCAR Stock Performance

Shares of PCAR stock opened at $98.42 on Friday. The firm has a market capitalization of $51.65 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 2.77 and a beta of 0.91. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The business’s 50-day moving average price is $107.29 and its 200-day moving average price is $106.24. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its earnings results 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%. Equities research analysts forecast that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were paid a $3.00 dividend. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date was Friday, December 20th. PACCAR’s payout ratio is currently 16.69%.

Insider Activity at PACCAR

In other PACCAR news, EVP Darrin C. Siver sold 103,671 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $111.56, for a total value of $11,565,536.76. Following the sale, the executive vice president now owns 61,005 shares in the company, valued at approximately $6,805,717.80. The trade was a 62.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the firm’s 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 transaction, the vice president now owns 5,463 shares of the company’s stock, valued at $612,129.15. This trade represents a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 165,547 shares of company stock worth $18,261,908 over the last three months. Company insiders own 2.02% of the company’s stock.

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.