State of Alaska Department of Revenue Reduces Stake in PACCAR Inc (NASDAQ:PCAR)

State of Alaska Department of Revenue reduced its stake in PACCAR Inc (NASDAQ:PCAR) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,291 shares of the company’s stock after selling 17,260 shares during the quarter. State of Alaska Department of Revenue’s holdings in PACCAR were worth $10,289,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. New Covenant Trust Company N.A. purchased a new position in shares of PACCAR during the 1st quarter worth $27,000. Quarry LP purchased a new position in shares of PACCAR during the 2nd quarter worth $26,000. Meeder Asset Management Inc. grew its holdings in shares of PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of PACCAR during the 2nd quarter worth $36,000. Finally, Fortitude Family Office LLC grew its holdings in shares of PACCAR by 200.0% during the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after purchasing an additional 244 shares during the period. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the transaction, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PCAR. BNP Paribas upgraded PACCAR to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley lowered their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Evercore ISI decreased their target price on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Citigroup increased their target price on PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, PACCAR has an average rating of “Hold” and a consensus price target of $114.18.

PACCAR Price Performance

PCAR stock opened at $105.90 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.91 and a quick ratio of 2.54. The firm has a market capitalization of $55.51 billion, a P/E ratio of 10.99, a P/E/G ratio of 1.62 and a beta of 0.91. The business’s 50-day moving average is $99.39 and its two-hundred day moving average is $103.09. PACCAR Inc has a 1 year low of $80.94 and a 1 year high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The company had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. PACCAR’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.34 EPS. Analysts anticipate that PACCAR Inc will post 8.07 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. PACCAR’s payout ratio is currently 12.45%.

PACCAR 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.