Manning & Napier Advisors LLC Decreases Stock Position in PACCAR Inc. $PCAR

Manning & Napier Advisors LLC trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 84.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,013 shares of the company’s stock after selling 32,813 shares during the period. Manning & Napier Advisors LLC’s holdings in PACCAR were worth $591,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in PACCAR by 1.0% in the 2nd quarter. State Street Corp now owns 22,534,596 shares of the company’s stock valued at $2,142,139,000 after buying an additional 218,188 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of PACCAR by 1.3% in the second quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock worth $1,184,112,000 after acquiring an additional 159,632 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in PACCAR by 25.2% in the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after purchasing an additional 1,165,443 shares during the last quarter. Invesco Ltd. boosted its holdings in PACCAR by 5.0% in the second quarter. Invesco Ltd. now owns 5,212,386 shares of the company’s stock valued at $495,489,000 after purchasing an additional 246,410 shares during the last quarter. Finally, Norges Bank acquired a new stake in PACCAR during the 2nd quarter valued at approximately $472,520,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Activity

In other news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares of the company’s stock, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company began coverage on shares of PACCAR in a report on Thursday, November 13th. They issued a “positive” rating and a $106.00 price target on the stock. Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Sanford C. Bernstein reissued an “outperform” rating and issued a $125.00 target price on shares of PACCAR in a research report on Friday, December 5th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of PACCAR in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $112.33.

PACCAR Stock Up 2.5%

PACCAR stock opened at $121.92 on Friday. PACCAR Inc. has a one year low of $84.65 and a one year high of $122.65. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The firm has a market capitalization of $64.03 billion, a P/E ratio of 23.86, a P/E/G ratio of 14.67 and a beta of 1.01. The company has a 50-day simple moving average of $108.48 and a 200-day simple moving average of $101.82.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business’s quarterly revenue was down 20.7% on a year-over-year basis. During the same period last year, the firm posted $1.85 EPS. As a group, equities analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, February 11th. PACCAR’s payout ratio is 25.83%.

About PACCAR

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.