PACCAR Inc. $PCAR Stake Reduced by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in PACCAR Inc. by 3.3% in the first quarter, owning 154,072 shares valued at approximately $15 million.
• Multiple institutional investors, including Vanguard Group and Wellington Management, have increased their holdings in PACCAR, reflecting strong institutional support.
• PACCAR recently announced a quarterly dividend of $0.33 per share, which will be paid in September, providing an annualized yield of 1.3%.

Corebridge Financial Inc. lessened its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 154,072 shares of the company's stock after selling 5,324 shares during the period. Corebridge Financial Inc.'s holdings in PACCAR were worth $15,002,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Jump Financial LLC boosted its holdings in shares of PACCAR by 757.1% in the 1st quarter. Jump Financial LLC now owns 55,263 shares of the company's stock valued at $5,381,000 after buying an additional 48,815 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in PACCAR by 1.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 48,956 shares of the company's stock valued at $4,767,000 after purchasing an additional 741 shares during the last quarter. Allstate Corp raised its position in PACCAR by 46.3% in the 1st quarter. Allstate Corp now owns 22,566 shares of the company's stock valued at $2,197,000 after purchasing an additional 7,141 shares during the last quarter. Compound Planning Inc. raised its position in PACCAR by 30.4% in the 1st quarter. Compound Planning Inc. now owns 5,963 shares of the company's stock valued at $581,000 after purchasing an additional 1,389 shares during the last quarter. Finally, Norinchukin Bank The raised its position in PACCAR by 43.6% in the 1st quarter. Norinchukin Bank The now owns 42,939 shares of the company's stock valued at $4,181,000 after purchasing an additional 13,032 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PCAR shares. UBS Group upgraded shares of PACCAR from a "sell" rating to a "neutral" rating and upped their price target for the company from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Truist Financial reduced their price target on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research report on Wednesday, July 23rd. Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price objective on the stock in a research note on Monday, July 28th. Citigroup boosted their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, PACCAR currently has an average rating of "Moderate Buy" and an average price target of $107.68.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the completion of the transaction, the chief financial officer owned 468 shares of the company's stock, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. This trade represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

PACCAR Stock Performance

PCAR stock traded down $0.70 during trading on Friday, hitting $99.98. 2,225,815 shares of the company's stock traded hands, compared to its average volume of 2,854,216. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The stock has a fifty day moving average price of $97.62 and a two-hundred day moving average price of $96.66. The stock has a market capitalization of $52.50 billion, a price-to-earnings ratio of 17.12, a price-to-earnings-growth ratio of 4.07 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. During the same quarter in the previous year, the firm earned $2.13 earnings per share. The firm's revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, equities analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. PACCAR's payout ratio is 22.60%.

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.