Raymond James Financial Inc. Invests $30.44 Million in PACCAR Inc (NASDAQ:PCAR)

Raymond James Financial Inc. acquired a new stake in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 292,639 shares of the company's stock, valued at approximately $30,440,000. Raymond James Financial Inc. owned approximately 0.06% of PACCAR at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Everence Capital Management Inc. purchased a new position in PACCAR during the 4th quarter worth approximately $1,984,000. Cullen Frost Bankers Inc. boosted 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 worth $8,916,000 after buying an additional 6,494 shares during the period. LPL Financial LLC grew its holdings in shares of PACCAR by 6.1% during the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company's stock valued at $22,094,000 after buying an additional 12,143 shares in the last quarter. Insight Wealth Strategies LLC raised 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 buying an additional 6,936 shares during the period. Finally, Versant Capital Management Inc lifted its stake in PACCAR by 19.3% in the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the company's stock worth $138,000 after acquiring an additional 214 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Stock Performance

PACCAR stock traded up $1.86 on Wednesday, reaching $90.42. 435,218 shares of the stock were exchanged, compared to its average volume of 2,742,431. PACCAR Inc has a twelve month low of $85.05 and a twelve month high of $118.81. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The stock has a market cap of $47.46 billion, a PE ratio of 11.43, a PEG ratio of 2.77 and a beta of 0.96. The firm has a fifty day moving average price of $98.44 and a two-hundred day moving average price of $105.61.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. Sell-side analysts anticipate that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, February 12th. This is an increase from PACCAR's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.46%. PACCAR's dividend payout ratio (DPR) is 16.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial lowered their target price on PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Melius Research set a $120.00 price objective on shares of PACCAR in a research report on Tuesday, March 18th. Citigroup cut their target price on shares of PACCAR from $105.00 to $95.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price target on shares of PACCAR from $121.00 to $105.00 and set an "overweight" rating on the stock in a research note on Friday, April 11th. Finally, Bank of America raised PACCAR from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $116.00 to $121.50 in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $108.59.

Insider Buying and Selling at PACCAR

In other news, CFO Harrie Schippers sold 28,676 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael K. Walton sold 6,000 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now owns 951 shares of the company's stock, valued at $100,929.63. This trade represents a 86.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock valued at $18,261,908 in the last quarter. 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.