Cresset Asset Management LLC Has $3.87 Million Stock Position in PACCAR Inc (NASDAQ:PCAR)

Cresset Asset Management LLC lessened its stake in PACCAR Inc (NASDAQ:PCAR - Free Report) by 55.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,172 shares of the company's stock after selling 45,157 shares during the quarter. Cresset Asset Management LLC's holdings in PACCAR were worth $3,867,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PCAR. Meeder Asset Management Inc. grew its stake in PACCAR by 221.8% during the 4th quarter. Meeder Asset Management Inc. now owns 280 shares of the company's stock valued at $29,000 after purchasing an additional 193 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in shares of PACCAR in the fourth quarter worth $37,000. Kestra Investment Management LLC acquired a new stake in PACCAR in the fourth quarter valued at $37,000. OFI Invest Asset Management bought a new position in PACCAR during the 4th quarter valued at $43,000. Finally, Atala Financial Inc acquired a new position in PACCAR during the 4th quarter worth $43,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Activity at PACCAR

In related news, CFO Harrie Schippers sold 28,676 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer now owns 114,659 shares in the company, valued at $12,150,414.23. This represents a 20.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the sale, the vice president now directly owns 951 shares in the company, valued at approximately $100,929.63. This represents a 86.32% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

PACCAR Price Performance

NASDAQ:PCAR traded up $0.52 during mid-day trading on Tuesday, hitting $96.26. The company's stock had a trading volume of 2,751,987 shares, compared to its average volume of 2,765,629. The company has a market capitalization of $50.53 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 2.77 and a beta of 0.96. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. PACCAR Inc has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The stock has a fifty day moving average of $94.31 and a 200-day moving average of $104.13.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter last year, the business earned $2.27 EPS. PACCAR's quarterly revenue was down 16.0% compared to the same quarter last year. As a group, equities analysts forecast that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Wednesday, May 14th. PACCAR's dividend payout ratio (DPR) is currently 20.00%.

Analyst Ratings Changes

A number of equities analysts have commented on PCAR shares. Morgan Stanley downgraded shares of 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. Royal Bank of Canada decreased their price target on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Melius Research set a $120.00 target price on shares of PACCAR in a report on Tuesday, March 18th. Truist Financial dropped their price target on PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. downgraded PACCAR from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $105.00 to $90.00 in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $105.23.

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.