Northern Trust Corp Boosts Stock Position in PACCAR Inc (NASDAQ:PCAR)

Northern Trust Corp increased its position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 8.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,202,358 shares of the company's stock after buying an additional 565,967 shares during the period. Northern Trust Corp owned 1.37% of PACCAR worth $749,189,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PCAR. The Manufacturers Life Insurance Company lifted its stake in shares of PACCAR by 162.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 943,062 shares of the company's stock valued at $98,097,000 after acquiring an additional 583,441 shares during the last quarter. Optiver Holding B.V. acquired a new stake in PACCAR during the fourth quarter worth approximately $67,000. Bellwether Advisors LLC acquired a new position in PACCAR in the fourth quarter valued at approximately $62,000. Johnson Financial Group Inc. increased its stake in shares of PACCAR by 145.2% in the 4th quarter. Johnson Financial Group Inc. now owns 33,417 shares of the company's stock valued at $3,705,000 after acquiring an additional 19,791 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in PACCAR during the fourth quarter worth $32,643,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Stock Up 0.1 %

PACCAR stock traded up $0.12 during midday trading on Friday, reaching $89.90. The company's stock had a trading volume of 3,729,160 shares, compared to its average volume of 2,758,743. The stock's 50-day simple moving average is $96.31 and its 200-day simple moving average is $104.94. The stock has a market capitalization of $47.19 billion, a P/E ratio of 11.37, a PEG ratio of 2.77 and a beta of 0.96. PACCAR Inc has a 52-week low of $84.65 and a 52-week high of $118.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

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 the consensus estimate of $1.58 by ($0.12). The company had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The firm's revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.27 EPS. On average, sell-side analysts expect that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, May 14th. This represents a $1.32 annualized dividend and a yield of 1.47%. PACCAR's dividend payout ratio is presently 16.69%.

Insiders Place Their Bets

In other PACCAR news, CFO Harrie Schippers sold 28,676 shares of PACCAR stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total value of $3,038,795.72. Following the transaction, the chief financial officer now directly owns 114,659 shares in the company, valued at approximately $12,150,414.23. This trade represents a 20.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction on 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 approximately $100,929.63. This represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PCAR has been the topic of a number of research reports. Truist Financial dropped their price target on PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Evercore ISI dropped their price target on PACCAR from $129.00 to $127.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. StockNews.com cut shares of PACCAR from a "hold" rating to a "sell" rating in a research note on Thursday. UBS Group cut PACCAR from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $108.00 to $78.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. downgraded shares of PACCAR from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $105.00 to $90.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $107.23.

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.