Geode Capital Management LLC Lowers Stake in PACCAR Inc (NASDAQ:PCAR)

Geode Capital Management LLC trimmed its holdings in PACCAR Inc (NASDAQ:PCAR) by 4.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 11,879,651 shares of the company’s stock after selling 613,898 shares during the period. Geode Capital Management LLC’s holdings in PACCAR were worth $1,171,284,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Quarry LP purchased a new position in PACCAR in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. boosted its holdings in shares of PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of PACCAR during the second quarter worth about $36,000. ORG Partners LLC raised its holdings in PACCAR by 7,560.0% during the second quarter. ORG Partners LLC now owns 383 shares of the company’s stock worth $39,000 after purchasing an additional 378 shares in the last quarter. Finally, Grove Bank & Trust lifted its position in PACCAR by 28.4% in the third quarter. Grove Bank & Trust now owns 466 shares of the company’s stock valued at $46,000 after purchasing an additional 103 shares during the period. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,191 shares of the business’s 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 directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Harrie Schippers sold 20,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $106.93, for a total value of $2,138,600.00. Following the sale, the chief financial officer now owns 105,558 shares in the company, valued at $11,287,316.94. This trade represents a 15.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by insiders.

PACCAR Stock Up 0.5 %

PCAR stock opened at $115.37 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The company’s 50 day simple moving average is $109.82 and its 200-day simple moving average is $103.70. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The firm has a market capitalization of $60.49 billion, a PE ratio of 12.89, a P/E/G ratio of 1.82 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating 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 firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. PACCAR’s quarterly revenue was down 5.2% on a year-over-year basis. Equities analysts expect that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.04%. The ex-dividend date was Wednesday, November 13th. PACCAR’s payout ratio is 13.41%.

Analysts Set New Price Targets

Several research firms have issued reports on PCAR. Jefferies Financial Group cut PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research report on Friday, December 6th. Truist Financial upped their price objective on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their target price on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Morgan Stanley lowered their price target 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. Finally, Citigroup raised their price objective on shares of PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday. Nine equities research 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, the stock has an average rating of “Hold” and an average target price of $118.25.

PACCAR 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.