Assenagon Asset Management S.A. Sells 594,515 Shares of PACCAR Inc. $PCAR

Assenagon Asset Management S.A. decreased its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 81.1% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 138,230 shares of the company's stock after selling 594,515 shares during the period. Assenagon Asset Management S.A.'s holdings in PACCAR were worth $15,179,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC lifted its stake in PACCAR by 59.4% in the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 3,825 shares of the company's stock worth $420,000 after purchasing an additional 1,425 shares in the last quarter. Ashurst Perkins Coie Trust Co raised its position in shares of PACCAR by 2,269.4% in the third quarter. Ashurst Perkins Coie Trust Co now owns 6,279 shares of the company's stock worth $689,000 after buying an additional 6,014 shares in the last quarter. Copeland Capital Management LLC purchased a new stake in shares of PACCAR in the third quarter worth $628,000. B. Riley Wealth Advisors Inc. boosted its stake in PACCAR by 5.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,664 shares of the company's stock valued at $292,000 after buying an additional 149 shares during the period. Finally, GAMMA Investing LLC grew its position in PACCAR by 28.0% during the third quarter. GAMMA Investing LLC now owns 17,454 shares of the company's stock worth $1,917,000 after buying an additional 3,818 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Trading Down 2.2%

NASDAQ PCAR opened at $108.42 on Tuesday. PACCAR Inc. has a 12 month low of $93.86 and a 12 month high of $139.24. The stock has a market cap of $57.07 billion, a P/E ratio of 23.28, a P/E/G ratio of 1.27 and a beta of 0.98. The stock's fifty day moving average price is $119.09 and its 200-day moving average price is $120.47. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%. The company had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.05 billion. During the same period last year, the firm posted $1.37 earnings per share. PACCAR's revenue was up .5% compared to the same quarter last year. As a group, equities analysts forecast that PACCAR Inc. will post 5.91 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR's dividend payout ratio (DPR) is presently 29.41%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PCAR shares. Morgan Stanley set a $125.00 price objective on PACCAR and gave the stock an "equal weight" rating in a report on Friday, September 4th. Citigroup dropped their price target on PACCAR from $140.00 to $115.00 and set a "neutral" rating for the company in a research note on Monday, October 12th. Truist Financial set a $125.00 price objective on PACCAR and gave the company a "hold" rating in a report on Monday, October 5th. Evercore upped their target price on PACCAR from $139.00 to $162.00 and gave the stock an "outperform" rating in a research note on Thursday, October 8th. Finally, Sanford C. Bernstein restated an "outperform" rating and issued a $148.00 price objective (up from $142.00) on shares of PACCAR in a report on Wednesday, July 29th. Six research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $131.50.

Insider Buying and Selling at PACCAR

In other news, VP Paulo Henrique Bolgar sold 2,897 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.90, for a total value of $387,908.30. Following the transaction, the vice president owned 3,831 shares of the company's stock, valued at $512,970.90. This trade represents a 43.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R Feight sold 50,975 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the transaction, the chief executive officer directly owned 268,625 shares of the company's stock, valued at $35,745,928.75. This represents a 15.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,842 shares of company stock valued at $7,565,677 over the last three months. Insiders own 1.99% of the company's stock.

About PACCAR

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.