PACCAR Inc. $PCAR Stock Sold by Heritage Investors Management Corp

Key Points

• Heritage Investors Management Corp. reduced its PACCAR stake by 9.5% in the third quarter, selling 15,071 shares and retaining 144,346 shares valued at approximately $15.85 million. Institutional investors collectively own 64.9% of PACCAR’s stock.
• PACCAR reported quarterly revenue of $8.50 billion, up 20.8% year over year and above analyst expectations, while earnings of $1.61 per share matched consensus estimates. The company also declared a quarterly dividend of $0.35 per share, representing a 1.4% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $132.96, despite mixed individual target revisions. PACCAR shares recently opened at $101.91, below their 50-day and 200-day moving averages.

Heritage Investors Management Corp trimmed its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 9.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 144,346 shares of the company's stock after selling 15,071 shares during the quarter. Heritage Investors Management Corp's holdings in PACCAR were worth $15,851,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Pinnacle Wealth Management Advisory Group LLC raised its position in shares of PACCAR by 2.9% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,141 shares of the company's stock valued at $377,000 after buying an additional 89 shares during the last quarter. CX Institutional grew its stake in PACCAR by 2.0% during the third quarter. CX Institutional now owns 4,780 shares of the company's stock valued at $525,000 after acquiring an additional 96 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in PACCAR by 1.0% in the 1st quarter. Bleakley Financial Group LLC now owns 10,835 shares of the company's stock valued at $1,252,000 after acquiring an additional 103 shares during the last quarter. Signaturefd LLC increased its holdings in PACCAR by 1.4% in the 3rd quarter. Signaturefd LLC now owns 8,034 shares of the company's stock valued at $882,000 after acquiring an additional 110 shares during the last quarter. Finally, Avalon Trust Co lifted its stake in PACCAR by 13.7% in the 1st quarter. Avalon Trust Co now owns 995 shares of the company's stock worth $115,000 after purchasing an additional 120 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Performance

NASDAQ:PCAR opened at $101.91 on Monday. The firm has a market capitalization of $53.66 billion, a PE ratio of 19.41, a PEG ratio of 1.31 and a beta of 0.96. The stock's fifty day moving average is $114.82 and its 200 day moving average is $120.15. PACCAR Inc. has a fifty-two week low of $93.86 and a fifty-two week high of $139.24. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.98 and a current ratio of 3.22.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 earnings per share for the quarter, meeting analysts' consensus estimates of $1.61. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The business had revenue of $8.50 billion for the quarter, compared to analysts' expectations of $7.48 billion. During the same quarter in the previous year, the business posted $1.12 earnings per share. The business's revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts anticipate that PACCAR Inc. will post 5.84 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 11th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR's dividend payout ratio (DPR) is currently 26.67%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup dropped their price objective on shares of PACCAR from $140.00 to $115.00 and set a "neutral" rating for the company in a report on Monday, October 12th. Morgan Stanley set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a research note on Friday, September 4th. Truist Financial reduced their price objective on PACCAR from $125.00 to $124.00 and set a "hold" rating on the stock in a research note on Wednesday, October 28th. BNP Paribas Exane lowered their target price on PACCAR from $136.00 to $107.00 and set a "neutral" rating for the company in a research report on Tuesday, October 6th. Finally, Evercore upped their price target on shares of PACCAR from $139.00 to $162.00 and gave the company an "outperform" rating in a research note on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $132.96.

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.

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