Everence Capital Management Inc. Makes New $1.98 Million Investment in PACCAR Inc (NASDAQ:PCAR)

Everence Capital Management Inc. bought a new stake in shares of PACCAR Inc (NASDAQ:PCAR) in the 4th quarter, Holdings Channel reports. The fund bought 19,070 shares of the company’s stock, valued at approximately $1,984,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PCAR. Quarry LP purchased a new stake in PACCAR during the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. increased its stake in shares of PACCAR by 269.7% in 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 during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in PACCAR in the second quarter valued at $36,000. Grove Bank & Trust boosted its stake in PACCAR by 28.4% during the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company’s stock valued at $46,000 after acquiring an additional 103 shares during the last quarter. Finally, Sander Capital Advisors Inc. bought a new stake in shares of PACCAR in the 3rd quarter worth about $50,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction dated 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 approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock worth $6,358,552 over the last ninety days. 2.02% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PCAR. BNP Paribas raised shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a report on Monday, November 4th. JPMorgan Chase & Co. reduced their price objective on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Citigroup boosted their target price on shares of PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $118.50.

PACCAR Trading Up 1.4 %

Shares of NASDAQ:PCAR opened at $104.90 on Friday. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week 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 company has a market cap of $55.00 billion, a PE ratio of 11.72, a P/E/G ratio of 1.77 and a beta of 0.91. The company’s 50-day moving average price is $111.00 and its 200 day moving average price is $103.82.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data 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 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the previous year, the firm posted $2.34 earnings per share. The business’s revenue was down 5.2% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th will be issued a dividend of $3.00 per share. This is a positive change from PACCAR’s previous dividend of $0.89. The ex-dividend date is Friday, December 20th. PACCAR’s dividend payout ratio (DPR) is 14.75%.

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.