Pinebridge Investments L.P. Sells 64,136 Shares of PACCAR Inc (NASDAQ:PCAR)

Pinebridge Investments L.P. cut its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 19.7% during the 4th quarter, HoldingsChannel reports. The firm owned 262,243 shares of the company’s stock after selling 64,136 shares during the period. Pinebridge Investments L.P.’s holdings in PACCAR were worth $27,279,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PCAR. Meeder Asset Management Inc. grew its stake in shares of PACCAR by 221.8% during the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock worth $29,000 after buying an additional 193 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of PACCAR during the 4th quarter valued at $37,000. Kestra Investment Management LLC bought a new stake in PACCAR during the 4th quarter worth $37,000. OFI Invest Asset Management acquired a new position in PACCAR in the 4th quarter worth about $43,000. Finally, Atala Financial Inc bought a new position in PACCAR in the fourth quarter valued at about $43,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Stock Up 1.5 %

Shares of PACCAR stock opened at $88.56 on Wednesday. The firm has a market cap of $46.49 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 2.77 and a beta of 0.96. The stock’s 50-day moving average is $98.44 and its 200 day moving average is $105.61. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. PACCAR Inc has a one year low of $85.05 and a one year high of $118.81.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data 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 anticipate that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were paid a $0.33 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.49%. The ex-dividend date was Wednesday, February 12th. PACCAR’s payout ratio is 16.69%.

Insider Activity

In other news, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares in the company, valued at $612,129.15. The trade was a 26.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO R Preston Feight sold 25,200 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $110.98, for a total value of $2,796,696.00. Following the transaction, the chief executive officer now directly owns 206,129 shares in the company, valued at $22,876,196.42. The trade was a 10.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 165,547 shares of company stock worth $18,261,908. Company insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

PCAR has been the subject of several recent research reports. Melius raised PACCAR from a “hold” rating to a “buy” rating in a research note on Tuesday, March 18th. UBS Group cut shares of PACCAR from a “neutral” rating to a “sell” rating and decreased their price target for the company from $108.00 to $78.00 in a research report on Monday, April 7th. Evercore ISI decreased their price objective on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Bank of America raised PACCAR from a “neutral” rating to a “buy” rating and raised their target price for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. Finally, Melius Research set a $120.00 price target on PACCAR in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $108.59.

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.