PACCAR Inc. $PCAR Stake Reduced by Citigroup Inc.

Citigroup Inc. trimmed its holdings in PACCAR Inc. (NASDAQ:PCAR) by 18.9% in the third quarter, Holdings Channel.com reports. The fund owned 581,407 shares of the company’s stock after selling 135,055 shares during the period. Citigroup Inc.’s holdings in PACCAR were worth $57,164,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock worth $9,258,000 after buying an additional 290 shares in the last quarter. Focus Partners Wealth lifted its position in shares of PACCAR by 15.4% during the 1st quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after acquiring an additional 1,812 shares during the last quarter. Focus Partners Advisor Solutions LLC boosted its stake in shares of PACCAR by 1.2% during the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 9,645 shares of the company’s stock worth $917,000 after acquiring an additional 116 shares in the last quarter. Linden Thomas Advisory Services LLC raised its position in shares of PACCAR by 52.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 11,209 shares of the company’s stock worth $1,066,000 after purchasing an additional 3,865 shares during the period. Finally, Interchange Capital Partners LLC lifted its holdings in shares of PACCAR by 20.6% during the second quarter. Interchange Capital Partners LLC now owns 2,314 shares of the company’s stock valued at $220,000 after purchasing an additional 396 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Trading Down 1.9%

PACCAR stock opened at $126.06 on Tuesday. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $131.88. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. The stock has a market cap of $66.29 billion, a P/E ratio of 27.95, a P/E/G ratio of 1.08 and a beta of 1.03. The company’s fifty day simple moving average is $119.87 and its 200-day simple moving average is $107.07.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. As a group, sell-side analysts forecast that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.0%. PACCAR’s payout ratio is presently 29.27%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PCAR. Morgan Stanley set a $109.00 price target on PACCAR and gave the stock an “equal weight” rating in a research note on Tuesday, February 3rd. Wall Street Zen upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Sanford C. Bernstein set a $138.00 price target on shares of PACCAR and gave the company an “outperform” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. upped their price target on shares of PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Finally, Truist Financial lifted their price objective on shares of PACCAR from $108.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $116.50.

Insider Transactions at PACCAR

In related news, CFO Brice J. Poplawski sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the transaction, the chief financial officer owned 903 shares of the company’s stock, valued at approximately $117,760.23. This trade represents a 70.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin D. Baney sold 9,672 shares of PACCAR stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the sale, the executive vice president owned 12,592 shares of the company’s stock, valued at $1,593,265.76. This trade represents a 43.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 133,105 shares of company stock valued at $16,869,046 in the last ninety days. 2.02% of the stock is currently owned by insiders.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.