Allspring Global Investments Holdings LLC Acquires 398,804 Shares of PACCAR Inc (NASDAQ:PCAR)

Allspring Global Investments Holdings LLC lifted its holdings in PACCAR Inc (NASDAQ:PCAR) by 226.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 574,690 shares of the company’s stock after acquiring an additional 398,804 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.11% of PACCAR worth $71,198,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Riverview Trust Co bought a new position in shares of PACCAR during the first quarter valued at about $29,000. Rise Advisors LLC bought a new position in PACCAR in the first quarter worth about $31,000. AdvisorNet Financial Inc raised its stake in PACCAR by 188.5% in the fourth quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock worth $27,000 after buying an additional 181 shares in the last quarter. ORG Partners LLC raised its stake in PACCAR by 6,200.0% in the fourth quarter. ORG Partners LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 372 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in PACCAR in the fourth quarter worth about $37,000. 64.90% of the stock is currently owned by institutional investors.

PACCAR Trading Down 0.9 %

NASDAQ:PCAR opened at $100.91 on Wednesday. The company’s 50 day moving average price is $107.39 and its 200-day moving average price is $107.81. PACCAR Inc has a 52 week low of $80.91 and a 52 week high of $125.50. The company has a quick ratio of 2.49, a current ratio of 2.73 and a debt-to-equity ratio of 0.54. The stock has a market cap of $52.89 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 1.23 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.07. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $8.25 billion. During the same quarter in the prior year, the company posted $2.25 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities research analysts forecast that PACCAR Inc will post 8.34 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.20 annualized dividend and a yield of 1.19%. This is a boost from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s dividend payout ratio (DPR) is currently 12.45%.

Insider Buying and Selling

In related news, VP Michael K. Walton sold 9,123 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $105.11, for a total value of $958,918.53. Following the sale, the vice president now owns 1,468 shares in the company, valued at $154,301.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO R Preston Feight sold 33,850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total value of $3,594,193.00. Following the sale, the chief executive officer now owns 154,430 shares in the company, valued at $16,397,377.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael K. Walton sold 9,123 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the transaction, the vice president now owns 1,468 shares in the company, valued at $154,301.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,040 shares of company stock worth $4,779,241. 2.02% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PCAR shares. UBS Group raised shares of PACCAR from a “neutral” rating to a “buy” rating and increased their price target for the stock from $104.00 to $136.00 in a research note on Friday, March 15th. JPMorgan Chase & Co. decreased their price target on shares of PACCAR from $140.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Royal Bank of Canada assumed coverage on shares of PACCAR in a research note on Tuesday, March 26th. They issued a “sector perform” rating and a $123.00 price target for the company. Truist Financial decreased their target price on shares of PACCAR from $121.00 to $115.00 and set a “hold” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group raised their target price on shares of PACCAR from $106.00 to $121.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. 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, the company currently has a consensus rating of “Hold” and a consensus target price of $113.92.

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.