PACCAR Inc (NASDAQ:PCAR) Holdings Cut by CX Institutional

CX Institutional lessened its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 55.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,241 shares of the company’s stock after selling 6,588 shares during the period. CX Institutional’s holdings in PACCAR were worth $510,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PCAR. Meeder Asset Management Inc. increased 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 valued at $29,000 after acquiring an additional 193 shares during the period. Kestra Investment Management LLC acquired a new position in PACCAR in the fourth quarter worth approximately $37,000. Sunbelt Securities Inc. grew its position in PACCAR by 8,750.0% in the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company’s stock worth $37,000 after buying an additional 350 shares during the last quarter. OFI Invest Asset Management acquired a new position in PACCAR in the fourth quarter worth approximately $43,000. Finally, Atala Financial Inc acquired a new position in PACCAR in the fourth quarter worth approximately $43,000. Institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PCAR. Morgan Stanley lowered shares of PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price target on the stock. in a research report on Wednesday, April 16th. Evercore ISI decreased their price target on shares of PACCAR from $127.00 to $115.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. UBS Group cut shares of PACCAR from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $108.00 to $78.00 in a research report on Monday, April 7th. JPMorgan Chase & Co. cut shares of PACCAR from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $105.00 to $90.00 in a research report on Wednesday, April 30th. Finally, Melius upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $104.14.

PACCAR Trading Down 1.9%

Shares of NASDAQ:PCAR opened at $91.88 on Friday. The firm has a fifty day moving average of $92.08 and a two-hundred day moving average of $101.38. The firm has a market capitalization of $48.23 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 2.77 and a beta of 0.95. PACCAR Inc has a 12-month low of $84.65 and a 12-month high of $118.81. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.12). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The business had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same period in the previous year, the firm posted $2.27 EPS. The firm’s revenue for the quarter was down 16.0% on a year-over-year basis. On average, equities analysts expect that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Wednesday, May 14th. PACCAR’s payout ratio is presently 20.00%.

Insider Activity at PACCAR

In other news, Director Pierre R. Breber bought 5,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The stock was purchased at an average price of $89.78 per share, with a total value of $448,900.00. Following the transaction, the director now directly owns 13,015 shares in the company, valued at approximately $1,168,486.70. The trade was a 62.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.02% of the stock is owned by company insiders.

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.