Citigroup Inc. Lowers Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Citigroup Inc. cut its holdings in PACCAR Inc (NASDAQ:PCAR) by 14.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 689,099 shares of the company’s stock after selling 111,746 shares during the quarter. Citigroup Inc.’s holdings in PACCAR were worth $68,000,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in PACCAR by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,052,899 shares of the company’s stock valued at $301,260,000 after acquiring an additional 47,855 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in PACCAR by 47.8% during the third 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. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of PACCAR by 12.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 797,521 shares of the company’s stock valued at $78,699,000 after purchasing an additional 88,784 shares during the period. Advisors Asset Management Inc. increased its stake in shares of PACCAR by 80.1% during the third quarter. Advisors Asset Management Inc. now owns 51,987 shares of the company’s stock worth $5,130,000 after purchasing an additional 23,116 shares in the last quarter. Finally, Commerce Bank raised its position in shares of PACCAR by 3.7% during the 3rd quarter. Commerce Bank now owns 27,202 shares of the company’s stock worth $2,684,000 after purchasing an additional 981 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction 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 $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were 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 directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCAR has been the subject of several research reports. JPMorgan Chase & Co. cut their price objective on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Citigroup boosted their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley reduced their price objective on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Truist Financial lifted their target price on shares of PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Finally, BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $117.64.

PACCAR Stock Performance

NASDAQ:PCAR opened at $114.75 on Friday. The company’s 50-day moving average is $105.77 and its two-hundred day moving average is $103.02. The firm has a market capitalization of $60.16 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.79 and a beta of 0.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50.

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

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio is presently 13.41%.

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.