Fmr LLC Sells 4,014,955 Shares of PACCAR Inc (NASDAQ:PCAR)

Fmr LLC lowered its position in PACCAR Inc (NASDAQ:PCAR) by 31.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 8,624,495 shares of the company’s stock after selling 4,014,955 shares during the period. Fmr LLC’s holdings in PACCAR were worth $851,065,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its holdings 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 purchasing an additional 3,296,146 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in PACCAR by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock valued at $557,572,000 after buying an additional 171,317 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of PACCAR by 1.8% in the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock worth $511,254,000 after buying an additional 89,245 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of PACCAR by 5.9% during the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after acquiring an additional 242,435 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of PACCAR by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after acquiring an additional 178,813 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

Insider Activity

In other news, CFO Harrie Schippers sold 20,000 shares of PACCAR 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 completion of the transaction, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the sale, the senior vice president now owns 7,121 shares in the company, valued at approximately $761,947. This trade represents a 58.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,315 shares of company stock worth $6,358,552. Corporate insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. 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 report on Wednesday, October 23rd. BNP Paribas upgraded PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Finally, Citigroup lifted their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 20th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, PACCAR currently has a consensus rating of “Hold” and a consensus target price of $117.64.

PACCAR Stock Performance

NASDAQ PCAR opened at $116.18 on Thursday. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The stock has a market cap of $60.91 billion, a P/E ratio of 12.98, a PEG ratio of 1.83 and a beta of 0.89. The company’s 50-day simple moving average is $106.94 and its 200 day simple moving average is $103.19.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.34 EPS. As a group, research analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. PACCAR’s payout ratio is presently 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.