Hartford Investment Management Co. Sells 622 Shares of PACCAR Inc (NASDAQ:PCAR)

Hartford Investment Management Co. reduced its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 1.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 32,969 shares of the company’s stock after selling 622 shares during the period. Hartford Investment Management Co.’s holdings in PACCAR were worth $3,253,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of PACCAR in the 2nd quarter worth about $26,000. New Covenant Trust Company N.A. purchased a new stake in PACCAR in the first quarter worth approximately $27,000. Riverview Trust Co bought a new position in PACCAR during the first quarter valued at approximately $29,000. Meeder Asset Management Inc. raised its stake in shares of 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 acquiring an additional 205 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of PACCAR in the 2nd quarter worth approximately $36,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Evercore ISI reduced their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft decreased their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. BNP Paribas upgraded PACCAR to a “hold” rating in a report on Wednesday, October 16th. Truist Financial lifted their price target on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, PACCAR has an average rating of “Hold” and a consensus target price of $114.18.

Insider Transactions at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at $16,066,583.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.02% of the company’s stock.

PACCAR Trading Down 0.9 %

NASDAQ:PCAR opened at $103.80 on Thursday. PACCAR Inc has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $98.98 and a 200-day moving average price of $103.41. The stock has a market cap of $54.41 billion, a price-to-earnings ratio of 11.00, a P/E/G ratio of 1.70 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. 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 company earned $2.34 EPS. The business’s revenue was down 5.2% compared to the same quarter last year. Equities analysts predict that PACCAR Inc will post 8.08 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Wednesday, November 13th. PACCAR’s dividend payout ratio (DPR) is presently 12.71%.

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.