Artemis Investment Management LLP Cuts Stake in PACCAR Inc (NASDAQ:PCAR)

Artemis Investment Management LLP reduced its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,810 shares of the company’s stock after selling 2,217 shares during the period. Artemis Investment Management LLP’s holdings in PACCAR were worth $9,016,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Morningstar Investment Management LLC increased its position in shares of PACCAR by 1.3% in the 4th quarter. Morningstar Investment Management LLC now owns 7,575 shares of the company’s stock valued at $740,000 after purchasing an additional 97 shares during the last quarter. Kingsview Wealth Management LLC increased its position in shares of PACCAR by 3.2% in the 4th quarter. Kingsview Wealth Management LLC now owns 3,223 shares of the company’s stock valued at $315,000 after purchasing an additional 100 shares during the last quarter. Evanson Asset Management LLC increased its position in shares of PACCAR by 3.5% in the 1st quarter. Evanson Asset Management LLC now owns 3,227 shares of the company’s stock valued at $400,000 after purchasing an additional 108 shares during the last quarter. FORVIS Wealth Advisors LLC increased its position in shares of PACCAR by 0.5% in the 4th quarter. FORVIS Wealth Advisors LLC now owns 22,097 shares of the company’s stock valued at $2,158,000 after purchasing an additional 109 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. increased its position in shares of PACCAR by 3.2% in the 4th quarter. Pinnacle West Asset Management Inc. now owns 4,025 shares of the company’s stock valued at $393,000 after purchasing an additional 125 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Down 1.0 %

Shares of NASDAQ:PCAR opened at $102.94 on Friday. The stock has a market cap of $53.96 billion, a P/E ratio of 10.68, a P/E/G ratio of 1.59 and a beta of 0.94. The firm has a fifty day moving average price of $107.60 and a 200 day moving average price of $107.63. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.73 and a quick ratio of 2.49. PACCAR Inc has a 1-year low of $80.64 and a 1-year high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.07. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.25 billion. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. PACCAR’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.25 EPS. Sell-side analysts predict that PACCAR Inc will post 8.36 EPS for the current year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. This is an increase from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s dividend payout ratio is presently 12.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Truist Financial reissued a “hold” rating and issued a $121.00 price objective (up from $117.00) on shares of PACCAR in a research report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $140.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Royal Bank of Canada started coverage on shares of PACCAR in a research report on Tuesday, March 26th. They issued a “sector perform” rating and a $123.00 price objective on the stock. UBS Group upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and upped their target price for the company from $104.00 to $136.00 in a report on Friday, March 15th. Finally, StockNews.com cut shares of PACCAR from a “buy” rating to a “hold” rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $114.38.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 33,850 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total transaction of $3,594,193.00. Following the completion of the transaction, the chief executive officer now owns 154,430 shares in the company, valued at approximately $16,397,377.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other PACCAR news, CEO R Preston Feight sold 33,850 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total transaction of $3,594,193.00. Following the completion of the transaction, the chief executive officer now owns 154,430 shares in the company, valued at approximately $16,397,377.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Brice J. Poplawski sold 2,067 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $109.40, for a total transaction of $226,129.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,040 shares of company stock worth $4,779,241. 2.02% of the stock is 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.