PACCAR Inc (NASDAQ:PCAR) Shares Bought by Malaga Cove Capital LLC

Malaga Cove Capital LLC increased its holdings in PACCAR Inc (NASDAQ:PCAR) by 44.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,953 shares of the company’s stock after purchasing an additional 2,137 shares during the quarter. Malaga Cove Capital LLC’s holdings in PACCAR were worth $723,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PCAR. Norges Bank acquired a new position in shares of PACCAR in the 4th quarter worth $526,922,000. Kovitz Investment Group Partners LLC lifted its holdings in shares of PACCAR by 370.5% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company’s stock valued at $557,453,000 after purchasing an additional 4,219,964 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of PACCAR by 25.0% in the 4th quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company’s stock valued at $1,747,408,000 after purchasing an additional 3,364,650 shares during the period. Madison Investment Advisors LLC purchased a new position in PACCAR in the 4th quarter worth about $254,651,000. Finally, JPMorgan Chase & Co. raised its holdings in PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after buying an additional 1,164,692 shares during the period. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $96.26 on Wednesday. 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 $84.65 and a one year high of $118.81. The business’s 50-day moving average price is $94.10 and its two-hundred day moving average price is $104.08. The company has a market capitalization of $50.53 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results 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 firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter in the prior year, the firm earned $2.27 earnings per share. The firm’s quarterly revenue was down 16.0% compared to the same quarter last year. Analysts anticipate that PACCAR Inc will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Wednesday, May 14th. PACCAR’s dividend payout ratio (DPR) is presently 20.00%.

Insiders Place Their Bets

In other PACCAR news, Director Pierre R. Breber acquired 5,000 shares of PACCAR stock in a transaction that occurred on Tuesday, May 6th. The stock was acquired at an average price of $89.78 per share, with a total value of $448,900.00. Following the purchase, the director now owns 13,015 shares in the company, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Harrie Schippers sold 28,676 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the sale, the chief financial officer now owns 114,659 shares of the company’s stock, valued at $12,150,414.23. This represents a 20.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on PCAR shares. Melius upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday, March 18th. Bank of America raised shares of PACCAR from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $116.00 to $121.50 in a research note on Tuesday, January 14th. Citigroup cut their target price on shares of PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Truist Financial reduced their target price on PACCAR from $113.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. downgraded PACCAR from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $105.00 to $90.00 in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.23.

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.