PACCAR Inc. $PCAR Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in PACCAR Inc. by 57.6%, selling 54,220 shares and holding 39,945 shares valued at approximately $3.92 million after the sale.
• PACCAR's stock recently saw a 2.9% increase, with a market capitalization of $51.19 billion and a price-to-earnings ratio of 16.69.
• The company reported earnings of $1.37 per share, exceeding estimates, but revenue declined by 15.7% year-over-year, totaling $6.96 billion.

Allspring Global Investments Holdings LLC decreased its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 57.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,945 shares of the company's stock after selling 54,220 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PACCAR were worth $3,923,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of PACCAR by 666.7% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock valued at $27,000 after buying an additional 240 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of PACCAR in the first quarter valued at $29,000. Bayforest Capital Ltd lifted its holdings in shares of PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after buying an additional 274 shares during the period. Accent Capital Management LLC acquired a new stake in shares of PACCAR in the first quarter valued at $40,000. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of PACCAR by 64.9% in the first quarter. JFS Wealth Advisors LLC now owns 442 shares of the company's stock valued at $43,000 after buying an additional 174 shares during the period. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Stock Up 2.9%

NASDAQ:PCAR opened at $97.48 on Tuesday. The firm has a market capitalization of $51.19 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 3.87 and a beta of 0.94. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. The business's fifty day moving average price is $98.48 and its 200 day moving average price is $95.48.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly 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. The firm had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.PACCAR's quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.13 earnings per share. On average, sell-side analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR's dividend payout ratio is presently 22.60%.

Insider Activity

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

Analysts Set New Price Targets

PCAR has been the subject of several research analyst reports. Zacks Research lowered PACCAR from a "hold" rating to a "strong sell" rating in a report on Friday, October 10th. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price objective for the company in a report on Monday, July 28th. Truist Financial set a $97.00 target price on PACCAR and gave the stock a "hold" rating in a research report on Wednesday, October 8th. Citigroup boosted their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Finally, Evercore ISI set a $114.00 target price on PACCAR and gave the stock an "outperform" rating in a research report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $108.14.

PACCAR 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.

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