Massachusetts Financial Services Co. MA Lowers Stock Position in PACCAR Inc. $PCAR

Key Points

• Massachusetts Financial Services Co. trimmed its PACCAR stake by 3.2% in Q4, selling 368,336 shares and ending the quarter with 10,998,211 shares (about 2.09% ownership) valued at roughly $1.204 billion.
• PACCAR reported Q4 EPS of $1.06 (meeting consensus) and revenue of $6.82 billion (above estimates) but saw revenue decline 15.1% year-over-year, with the company trading near a $66.94 billion market cap.
• Company insiders sold a combined 133,105 shares (~$16.9 million) over the past three months, while analysts' consensus is "Hold" with an average price target of $117 and some firms (e.g., JPMorgan) raising targets as high as $142.

Massachusetts Financial Services Co. MA lessened its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,998,211 shares of the company's stock after selling 368,336 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.09% of PACCAR worth $1,204,414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of PACCAR by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company's stock worth $6,205,117,000 after acquiring an additional 485,678 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of PACCAR by 20.3% during the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company's stock worth $587,084,000 after acquiring an additional 1,009,134 shares in the last quarter. Invesco Ltd. boosted its stake in shares of PACCAR by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,396,888 shares of the company's stock worth $530,622,000 after acquiring an additional 184,502 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of PACCAR by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,256,671 shares of the company's stock worth $320,196,000 after acquiring an additional 22,941 shares in the last quarter. Finally, UBS Group AG boosted its stake in shares of PACCAR by 28.7% during the 3rd quarter. UBS Group AG now owns 2,608,601 shares of the company's stock worth $256,478,000 after acquiring an additional 581,986 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Up 0.1%

Shares of NASDAQ PCAR opened at $127.19 on Friday. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $131.88. The firm has a fifty day moving average of $121.53 and a 200-day moving average of $111.57. The stock has a market capitalization of $66.94 billion, a PE ratio of 28.20, a P/E/G ratio of 1.07 and a beta of 1.06. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The company had revenue of $6.82 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the previous year, the company earned $1.66 EPS. The business's quarterly revenue was down 15.1% compared to the same quarter last year. On average, analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 2,200 shares of the business's stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the completion of the sale, the chief financial officer directly owned 903 shares of the company's stock, valued at $117,760.23. The trade was a 70.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paulo Henrique Bolgar sold 12,183 shares of the business's stock in a transaction on Friday, January 30th. The shares were sold at an average price of $122.43, for a total transaction of $1,491,564.69. Following the sale, the vice president directly owned 6,274 shares of the company's stock, valued at $768,125.82. This represents a 66.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 133,105 shares of company stock worth $16,869,046. 1.99% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCAR. JPMorgan Chase & Co. boosted their price target on PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. Wells Fargo & Company set a $119.00 price target on PACCAR and gave the stock an "equal weight" rating in a research note on Friday, January 23rd. Citigroup boosted their price target on PACCAR from $120.00 to $125.00 and gave the stock a "neutral" rating in a research note on Thursday, January 29th. Truist Financial boosted their price target on PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, January 28th. Finally, BNP Paribas Exane began coverage on PACCAR in a research note on Tuesday, March 31st. They set a "neutral" rating and a $126.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $117.00.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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