Freestone Grove Partners LP Invests $7.55 Million in PACCAR Inc (NASDAQ:PCAR)

Freestone Grove Partners LP acquired a new position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 72,532 shares of the company's stock, valued at approximately $7,545,000.

Other hedge funds have also modified their holdings of the company. Everence Capital Management Inc. bought a new position in PACCAR in the fourth quarter valued at $1,984,000. Cullen Frost Bankers Inc. increased its position in shares of PACCAR by 8.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company's stock valued at $8,916,000 after acquiring an additional 6,494 shares during the last quarter. LPL Financial LLC raised its holdings in PACCAR by 6.1% during the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company's stock worth $22,094,000 after acquiring an additional 12,143 shares in the last quarter. Insight Wealth Strategies LLC boosted its position in PACCAR by 21.6% during the fourth quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company's stock valued at $4,061,000 after purchasing an additional 6,936 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in PACCAR by 19.3% in the fourth quarter. Versant Capital Management Inc now owns 1,325 shares of the company's stock valued at $138,000 after purchasing an additional 214 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent analyst reports. Melius raised shares of PACCAR from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. Evercore ISI cut their target price on shares of PACCAR from $129.00 to $127.00 and set an "outperform" rating for the company in a research note on Wednesday, February 19th. Bank of America raised PACCAR from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. Truist Financial cut their price objective on PACCAR from $113.00 to $104.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup decreased their target price on PACCAR from $105.00 to $95.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $107.23.

PACCAR Stock Performance

Shares of PCAR traded down $0.47 during midday trading on Tuesday, reaching $88.98. 2,484,452 shares of the stock were exchanged, compared to its average volume of 2,756,568. The stock's 50 day simple moving average is $95.64 and its 200 day simple moving average is $104.64. The company has a market cap of $46.71 billion, a P/E ratio of 11.25, a PEG ratio of 2.77 and a beta of 0.96. PACCAR Inc has a twelve month low of $84.65 and a twelve month high of $118.81. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter in the previous year, the company earned $2.27 EPS. The business's revenue for the quarter was down 16.0% on a year-over-year basis. On average, sell-side analysts expect that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Wednesday, May 14th. PACCAR's payout ratio is currently 20.00%.

Insiders Place Their Bets

In related news, VP Michael K. Walton sold 6,000 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total value of $636,780.00. Following the sale, the vice president now directly owns 951 shares of the company's stock, valued at $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Harrie Schippers sold 28,676 shares of PACCAR stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the transaction, the chief financial officer now owns 114,659 shares in the company, valued at approximately $12,150,414.23. This represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

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.