Envestnet Portfolio Solutions Inc. Sells 8,924 Shares of PACCAR Inc. (NASDAQ:PCAR)

Envestnet Portfolio Solutions Inc. cut its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 39.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,531 shares of the company's stock after selling 8,924 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in PACCAR were worth $1,318,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new position in PACCAR in the fourth quarter valued at approximately $526,922,000. Kovitz Investment Group Partners LLC lifted its position in shares of PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after buying an additional 4,219,964 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of PACCAR by 25.0% in the 4th quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company's stock valued at $1,747,408,000 after buying an additional 3,364,650 shares in the last quarter. Madison Investment Advisors LLC acquired a new position in shares of PACCAR in the 4th quarter valued at $254,651,000. Finally, GAMMA Investing LLC grew its position in shares of PACCAR by 10,716.5% in the 1st quarter. GAMMA Investing LLC now owns 879,056 shares of the company's stock valued at $85,594,000 after buying an additional 870,929 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In related news, Director Pierre R. Breber acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were purchased at an average cost of $89.78 per share, with a total value of $448,900.00. Following the completion of the transaction, the director now owns 13,015 shares of the company's stock, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.02% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank Of Canada decreased their price objective on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Morgan Stanley cut shares of PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 target price for the company. in a report on Wednesday, April 16th. Evercore ISI decreased their target price on shares of PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Truist Financial decreased their target price on shares of PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group downgraded shares of PACCAR from a "neutral" rating to a "sell" rating and cut their price target for the company from $108.00 to $78.00 in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.59.

PACCAR Stock Up 0.0%

NASDAQ PCAR traded up $0.01 during trading hours on Friday, hitting $94.89. The company had a trading volume of 3,274,031 shares, compared to its average volume of 2,717,629. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a market capitalization of $49.81 billion, a price-to-earnings ratio of 14.38, a P/E/G ratio of 3.51 and a beta of 0.95. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.35 and a quick ratio of 2.19. The firm's 50 day moving average is $92.69 and its 200 day moving average is $99.62.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued 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 20.79% and a net margin of 10.73%. The firm had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same quarter in the previous year, the business posted $2.27 EPS. PACCAR's revenue was down 16.0% compared to the same quarter last year. Sell-side analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.39%. PACCAR's dividend payout ratio is presently 20.00%.

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.