20,672 Shares of PACCAR Inc. $PCAR Purchased by Norris Perne & French LLP MI

Key Points

• Norris Perne & French LLP MI acquired 20,672 PACCAR shares valued at approximately $2.27 million in the third quarter. Institutional investors collectively own 64.90% of PCAR.
• PACCAR reported quarterly EPS of $1.43, exceeding estimates of $1.36, while revenue reached $7.55 billion versus expectations of $7.05 billion. The company declared a quarterly dividend of $0.35, equivalent to a 1.3% annualized yield.
• Insiders sold 56,842 shares worth about $7.57 million over the past three months, including a 50,975-share sale by CEO R. Preston Feight. Analysts maintain a consensus “Hold” rating with an average price target of $133.88.

Norris Perne & French LLP MI acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,672 shares of the company's stock, valued at approximately $2,270,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCAR. Signaturefd LLC lifted its stake in shares of PACCAR by 1.4% during the 3rd quarter. Signaturefd LLC now owns 8,034 shares of the company's stock worth $882,000 after purchasing an additional 110 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of PACCAR by 9.4% in the third quarter. Citizens Financial Group Inc. RI now owns 6,089 shares of the company's stock worth $669,000 after buying an additional 524 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in PACCAR during the 3rd quarter worth about $212,000. Sowell Financial Services LLC lifted its holdings in shares of PACCAR by 5.8% during the third quarter. Sowell Financial Services LLC now owns 9,970 shares of the company's stock worth $1,095,000 after purchasing an additional 551 shares during the period. Finally, Wedbush Securities Inc. boosted its holdings in shares of PACCAR by 104.7% in the 3rd quarter. Wedbush Securities Inc. now owns 14,040 shares of the company's stock valued at $1,542,000 after acquiring an additional 7,180 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PACCAR

In other news, CEO R Feight sold 50,975 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the sale, the chief executive officer directly owned 268,625 shares in the company, valued at approximately $35,745,928.75. The trade was a 15.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total value of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,842 shares of company stock worth $7,565,677 over the last three months. 1.99% of the stock is owned by corporate insiders.

PACCAR Stock Down 2.4%

Shares of PACCAR stock opened at $106.96 on Friday. PACCAR Inc. has a one year low of $93.86 and a one year high of $139.24. The firm has a fifty day moving average of $117.32 and a two-hundred day moving average of $120.21. The company has a market cap of $56.30 billion, a P/E ratio of 22.47, a PEG ratio of 1.23 and a beta of 0.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm's quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.37 earnings per share. On average, analysts forecast that PACCAR Inc. will post 5.91 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be issued a $0.35 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. PACCAR's payout ratio is currently 29.41%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company set a $122.00 price target on shares of PACCAR and gave the stock an "equal weight" rating in a report on Thursday, October 8th. Morgan Stanley set a $125.00 price objective on PACCAR and gave the company an "equal weight" rating in a research note on Friday, September 4th. Sanford C. Bernstein reissued an "outperform" rating and issued a $148.00 target price (up from $142.00) on shares of PACCAR in a research note on Wednesday, July 29th. Truist Financial set a $125.00 target price on shares of PACCAR and gave the company a "hold" rating in a report on Monday, October 5th. Finally, Evercore increased their price target on PACCAR from $139.00 to $162.00 and gave the stock an "outperform" rating in a report on Thursday, October 8th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $133.88.

PACCAR Profile

PACCAR Inc NASDAQ: PCAR is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company's operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.

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