Massachusetts Financial Services Co. MA Raises Stake in PACCAR Inc (NASDAQ:PCAR)

Massachusetts Financial Services Co. MA raised its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 47.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,194,903 shares of the company’s stock after purchasing an additional 3,296,146 shares during the period. Massachusetts Financial Services Co. MA owned 1.94% of PACCAR worth $1,006,033,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PCAR. Capital International Investors raised its stake in PACCAR by 44.8% during the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after buying an additional 1,225,468 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of PACCAR during the second quarter valued at $88,437,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of PACCAR in the 2nd quarter worth about $51,277,000. Squarepoint Ops LLC boosted its stake in 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 in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in PACCAR during the 2nd quarter valued at about $39,238,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Performance

PCAR opened at $109.99 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. The stock has a market capitalization of $57.67 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.73 and a beta of 0.89. The company has a fifty day moving average of $105.00 and a 200 day moving average of $102.90. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50.

PACCAR (NASDAQ:PCAR) last posted 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 the consensus estimate of $7.66 billion. During the same period in the previous year, the business earned $2.34 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio (DPR) is presently 13.41%.

Insider Buying and Selling

In other PACCAR news, CFO Harrie Schippers sold 20,000 shares of PACCAR stock in a transaction on 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 completion of the transaction, the chief financial officer now directly owns 105,558 shares of the company’s stock, valued at $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,315 shares of company stock worth $6,358,552. Insiders own 2.02% of the company’s stock.

Wall Street Analyst Weigh In

PCAR has been the topic of several analyst reports. Morgan Stanley dropped their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Citigroup boosted their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $117.64.

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.