Raymond James & Associates Boosts Position in PACCAR Inc (NASDAQ:PCAR)

Raymond James & Associates lifted its position in PACCAR Inc (NASDAQ:PCAR) by 15.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,504 shares of the company’s stock after buying an additional 25,867 shares during the quarter. Raymond James & Associates’ holdings in PACCAR were worth $19,292,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PCAR. Quarry LP bought a new position in PACCAR in the 2nd quarter valued at $26,000. New Covenant Trust Company N.A. bought a new stake in PACCAR during the first quarter valued at $27,000. Meeder Asset Management Inc. grew its position in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after buying an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in PACCAR in the 2nd quarter worth about $36,000. Finally, Fortitude Family Office LLC raised its holdings in shares of PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after acquiring an additional 244 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PCAR has been the subject of several recent analyst reports. BNP Paribas raised PACCAR to a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price target on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday. Raymond James began coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial upped their target price on shares of PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Citigroup raised their price target on PACCAR from $100.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $114.18.

Insider Activity

In related news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the transaction, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.02% of the company’s stock.

PACCAR Trading Up 1.0 %

Shares of PCAR stock opened at $105.90 on Friday. The business has a 50-day moving average of $99.18 and a 200 day moving average of $103.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.91 and a quick ratio of 2.54. PACCAR Inc has a 1-year low of $80.94 and a 1-year high of $125.50. The stock has a market capitalization of $55.51 billion, a PE ratio of 10.99, a P/E/G ratio of 1.62 and a beta of 0.91.

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

PACCAR Announces Dividend

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