Allspring Global Investments Holdings LLC Has $2.42 Million Stake in PACCAR Inc. $PCAR

Allspring Global Investments Holdings LLC reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 37.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,807 shares of the company’s stock after selling 15,138 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PACCAR were worth $2,424,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in PCAR. Private Wealth Management Group LLC raised its stake in shares of PACCAR by 293.1% in the 3rd quarter. Private Wealth Management Group LLC now owns 283 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares in the last quarter. Hazlett Burt & Watson Inc. grew its holdings in PACCAR by 53.8% during the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Bayforest Capital Ltd raised its position 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 purchasing an additional 274 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of PACCAR by 43.8% in the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock worth $42,000 after buying an additional 134 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new stake in shares of PACCAR during the 2nd quarter worth $43,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

PACCAR stock opened at $118.20 on Friday. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $119.21. The firm has a market capitalization of $62.08 billion, a P/E ratio of 23.13, a P/E/G ratio of 14.34 and a beta of 1.01. The stock has a fifty day moving average price of $106.37 and a two-hundred day moving average price of $100.93. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The business had revenue of $7.24 billion during the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.85 earnings per share. As a group, analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s payout ratio is currently 25.83%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PCAR shares. Morgan Stanley set a $90.00 target price on shares of PACCAR in a report on Tuesday, October 21st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $90.00 price target on shares of PACCAR in a research report on Tuesday, October 21st. Truist Financial boosted their price objective on PACCAR from $97.00 to $108.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. Sanford C. Bernstein restated an “outperform” rating and set a $125.00 target price on shares of PACCAR in a research note on Friday, December 5th. Finally, Wolfe Research raised PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.04.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the sale, the chief financial officer directly owned 468 shares in the company, valued at $47,338.20. This trade represents a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.02% of the stock is currently owned by company insiders.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.