Ethic Inc. Grows Stake in PACCAR Inc (NASDAQ:PCAR)

Ethic Inc. grew its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 11.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 114,662 shares of the company’s stock after acquiring an additional 12,188 shares during the quarter. Ethic Inc.’s holdings in PACCAR were worth $11,927,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Meeder Asset Management Inc. boosted its holdings in PACCAR by 221.8% in 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 in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of PACCAR during the 4th quarter valued at about $37,000. Kestra Investment Management LLC purchased a new position in shares of PACCAR during the fourth quarter valued at about $37,000. OFI Invest Asset Management bought a new position in PACCAR in the fourth quarter worth about $43,000. Finally, Atala Financial Inc bought a new position in PACCAR in the fourth quarter worth about $43,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PCAR. Melius Research set a $120.00 price objective on PACCAR in a research report on Tuesday, March 18th. Evercore ISI dropped their price target on PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Truist Financial decreased their price objective on PACCAR from $113.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Citigroup dropped their target price on shares of PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada decreased their price target on shares of PACCAR from $106.00 to $97.00 and set a “sector perform” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $105.23.

PACCAR Stock Up 3.2 %

NASDAQ:PCAR opened at $91.55 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54. The firm has a market cap of $48.06 billion, a P/E ratio of 11.57, a P/E/G ratio of 2.77 and a beta of 0.96. PACCAR Inc has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The firm has a 50-day simple moving average of $94.67 and a two-hundred day simple moving average of $104.30.

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 the consensus estimate of $7.13 billion. During the same period last year, the company posted $2.27 earnings per share. The business’s revenue was down 16.0% compared to the same quarter last year. Analysts predict that PACCAR Inc will post 7.57 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, June 4th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.44%. The ex-dividend date is Wednesday, May 14th. PACCAR’s dividend payout ratio is presently 20.00%.

Insider Buying and Selling

In other news, Director Pierre R. Breber purchased 5,000 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was acquired at an average cost of $89.78 per share, for a total transaction of $448,900.00. Following the completion of the transaction, the director now directly owns 13,015 shares in the company, valued at $1,168,486.70. This trade represents a 62.38 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Harrie Schippers sold 28,676 shares of the 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 directly owns 114,659 shares of the company’s stock, valued at approximately $12,150,414.23. This trade represents a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by 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.