Meridian Wealth Management LLC Invests $334,000 in PACCAR Inc (NASDAQ:PCAR)

Meridian Wealth Management LLC acquired a new stake in shares of PACCAR Inc (NASDAQ:PCAR) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,388 shares of the company’s stock, valued at approximately $334,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quadrature Capital Ltd bought a new position in PACCAR during the 1st quarter worth $534,000. Janus Henderson Group PLC grew its position in shares of PACCAR by 0.4% during the first quarter. Janus Henderson Group PLC now owns 68,188 shares of the company’s stock worth $8,445,000 after acquiring an additional 301 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of PACCAR by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 827,236 shares of the company’s stock worth $102,486,000 after acquiring an additional 3,585 shares during the period. Tidal Investments LLC lifted its position in PACCAR by 19.5% in the 1st quarter. Tidal Investments LLC now owns 21,616 shares of the company’s stock valued at $2,678,000 after purchasing an additional 3,526 shares during the last quarter. Finally, Comerica Bank boosted its stake in PACCAR by 8.7% during the 1st quarter. Comerica Bank now owns 162,864 shares of the company’s stock valued at $20,177,000 after purchasing an additional 13,075 shares during the period. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Citigroup raised their price target on shares of PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, November 20th. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Truist Financial boosted their price target on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and raised their price target for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Finally, Morgan Stanley reduced their price objective on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $117.64.

Insiders Place Their Bets

In other news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. The trade was a 13.67 % 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 worth $6,358,552. Company insiders own 2.02% of the company’s stock.

PACCAR Stock Up 1.6 %

NASDAQ PCAR opened at $116.54 on Tuesday. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The company has a market capitalization of $61.10 billion, a P/E ratio of 13.02, a PEG ratio of 1.80 and a beta of 0.89. The company’s 50 day simple moving average is $106.19 and its 200 day simple moving average is $103.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.34 earnings per share. Equities research analysts expect that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. PACCAR’s dividend payout ratio (DPR) is 13.41%.

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.