Sound Income Strategies LLC Lowers Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Sound Income Strategies LLC cut its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 23.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 599 shares of the company’s stock after selling 188 shares during the quarter. Sound Income Strategies LLC’s holdings in PACCAR were worth $59,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System boosted its position in shares of PACCAR by 4.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock worth $75,689,000 after acquiring an additional 27,963 shares during the last quarter. BDF Gestion acquired a new stake in shares of PACCAR during the 2nd quarter worth $2,862,000. Advisory Services Network LLC boosted its holdings in PACCAR by 15.9% in the first quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock valued at $6,944,000 after acquiring an additional 7,678 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in PACCAR by 18.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock valued at $82,590,000 after acquiring an additional 105,109 shares during the period. Finally, Virtu Financial LLC acquired a new stake in PACCAR during the first quarter worth about $1,359,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCAR has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on PACCAR from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Evercore ISI cut their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Truist Financial decreased their price target on shares of PACCAR from $107.00 to $103.00 and set a “hold” rating for the company in a research report on Wednesday, October 9th. Finally, Raymond James started coverage on PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $114.00.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the sale, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.02% of the company’s stock.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $108.22 on Tuesday. The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52. PACCAR Inc has a fifty-two week low of $80.94 and a fifty-two week high of $125.50. The business has a 50 day moving average price of $96.97 and a two-hundred day moving average price of $104.02. The firm has a market cap of $56.72 billion, a PE ratio of 11.23, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter last year, the firm posted $2.33 EPS. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts expect that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.11%. PACCAR’s payout ratio is 12.45%.

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.