Allspring Global Investments Holdings LLC Grows Position in PACCAR Inc (NASDAQ:PCAR)

Allspring Global Investments Holdings LLC boosted its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 226.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 574,690 shares of the company’s stock after purchasing an additional 398,804 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PACCAR were worth $71,198,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PCAR. Norges Bank purchased a new stake in PACCAR during the 4th quarter worth approximately $448,288,000. TD Asset Management Inc boosted its holdings in shares of PACCAR by 112.2% in the 4th quarter. TD Asset Management Inc now owns 2,072,281 shares of the company’s stock valued at $202,358,000 after acquiring an additional 1,095,894 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of PACCAR in the 4th quarter valued at $87,441,000. Epoch Investment Partners Inc. boosted its holdings in shares of PACCAR by 113.3% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,058,970 shares of the company’s stock valued at $103,408,000 after acquiring an additional 562,571 shares during the last quarter. Finally, Optimist Retirement Group LLC purchased a new stake in shares of PACCAR in the 4th quarter valued at $37,032,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insiders Place Their Bets

In other PACCAR news, VP Michael K. Walton sold 9,123 shares of the company’s stock in a transaction on Monday, May 6th. The shares were 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 directly owns 1,468 shares in the company, valued at $154,301.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Brice J. Poplawski sold 2,067 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $109.40, for a total value of $226,129.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael K. Walton sold 9,123 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the sale, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,040 shares of company stock worth $4,779,241. Company insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

PCAR has been the topic of several recent research reports. StockNews.com downgraded shares of PACCAR from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. 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 report on Wednesday, May 1st. UBS Group raised shares of PACCAR from a “neutral” rating to a “buy” rating and upped their price objective for the company from $104.00 to $136.00 in a report on Friday, March 15th. Raymond James started coverage on shares of PACCAR in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Citigroup started coverage on shares of PACCAR in a report on Wednesday, June 26th. They set a “neutral” rating and a $115.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $113.92.

PACCAR Stock Performance

NASDAQ:PCAR opened at $100.91 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.49 and a current ratio of 2.73. The company has a fifty day moving average of $107.39 and a two-hundred day moving average of $107.81. The stock has a market capitalization of $52.89 billion, a PE ratio of 10.47, a P/E/G ratio of 1.23 and a beta of 0.92. PACCAR Inc has a fifty-two week low of $80.91 and a fifty-two week high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data 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 company 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%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.25 earnings per share. As a group, 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 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 was Tuesday, May 14th. This is a boost from PACCAR’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a yield of 1.19%. PACCAR’s dividend payout ratio is currently 12.45%.

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.