MAI Capital Management Sells 4,254 Shares of PACCAR Inc (NASDAQ:PCAR)

MAI Capital Management reduced its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 34.3% in the third quarter, HoldingsChannel.com reports. The firm owned 8,146 shares of the company’s stock after selling 4,254 shares during the period. MAI Capital Management’s holdings in PACCAR were worth $804,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Morgan Stanley reduced their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. BNP Paribas upgraded PACCAR to a “hold” rating in a report on Wednesday, October 16th. Truist Financial boosted their price objective on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research report on Monday, November 4th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $117.64.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,191 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the transaction, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,315 shares of company stock valued at $6,358,552. Corporate insiders own 2.02% of the company’s stock.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $114.08 on Friday. The company has a 50-day moving average price of $105.38 and a two-hundred day moving average price of $102.98. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $59.81 billion, a PE ratio of 12.75, a P/E/G ratio of 1.73 and a beta of 0.89.

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. The business had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. PACCAR’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.34 EPS. Equities analysts forecast that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.05%. PACCAR’s payout ratio is 13.41%.

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.