Comerica Bank Lowers Stock Position in PACCAR Inc (NASDAQ:PCAR)

Comerica Bank decreased its holdings in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 2.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,239 shares of the company's stock after selling 4,191 shares during the period. Comerica Bank's holdings in PACCAR were worth $15,940,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PCAR. Principal Financial Group Inc. raised its position in PACCAR by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock worth $335,334,000 after acquiring an additional 178,813 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of PACCAR during the 3rd quarter worth $370,000. World Investment Advisors LLC purchased a new position in shares of PACCAR in the 3rd quarter valued at about $419,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of PACCAR in the third quarter valued at about $269,000. Finally, Synovus Financial Corp boosted its holdings in PACCAR by 16.6% during the third quarter. Synovus Financial Corp now owns 8,899 shares of the company's stock worth $878,000 after buying an additional 1,267 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PCAR. Melius Research set a $120.00 target price on shares of PACCAR in a report on Tuesday, March 18th. Morgan Stanley cut PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 price objective for the company. in a report on Wednesday, April 16th. Truist Financial decreased their target price on PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. cut PACCAR from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $105.00 to $90.00 in a research report on Wednesday. Finally, Melius upgraded shares of PACCAR from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $107.23.

PACCAR Stock Performance

Shares of PCAR opened at $89.78 on Friday. PACCAR Inc has a 1 year low of $84.65 and a 1 year high of $118.81. The company's 50 day simple moving average is $96.31 and its 200 day simple moving average is $104.94. The company has a market capitalization of $47.13 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 2.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). The business had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $7.13 billion. PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The company's revenue for the quarter was down 16.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.27 EPS. On average, sell-side analysts predict that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Wednesday, May 14th. PACCAR's dividend payout ratio (DPR) is 16.69%.

Insider Activity

In other news, CFO Harrie Schippers sold 28,676 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the sale, the chief financial officer now directly owns 114,659 shares of the company's stock, valued at $12,150,414.23. The trade was a 20.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total value of $636,780.00. Following the completion of the transaction, the vice president now directly owns 951 shares in the company, valued at $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

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.

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