PACCAR Inc. $PCAR Shares Acquired by Channing Capital Management LLC

Channing Capital Management LLC increased its stake in PACCAR Inc. (NASDAQ:PCAR) by 7.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,975 shares of the company’s stock after buying an additional 6,378 shares during the period. Channing Capital Management LLC’s holdings in PACCAR were worth $8,945,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PCAR. Norges Bank bought a new stake in shares of PACCAR in the 2nd quarter worth about $472,520,000. Pacer Advisors Inc. grew its stake in PACCAR by 2,389.2% in the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after purchasing an additional 1,930,056 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in PACCAR by 25.2% in the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after buying an additional 1,165,443 shares during the last quarter. Cullen Capital Management LLC acquired a new stake in PACCAR during the second quarter valued at approximately $53,272,000. Finally, Amundi lifted its holdings in PACCAR by 28.0% during the 2nd quarter. Amundi now owns 2,308,750 shares of the company’s stock worth $229,349,000 after buying an additional 505,577 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PCAR. JPMorgan Chase & Co. upped their price target on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Wells Fargo & Company set a $119.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Truist Financial boosted their price objective on shares of PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. Finally, Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $116.50.

Insider Transactions at PACCAR

In other news, VP Paulo Henrique Bolgar sold 12,183 shares of the stock in a transaction on Friday, January 30th. The stock was sold at an average price of $122.43, for a total value of $1,491,564.69. Following the completion of the transaction, the vice president owned 6,274 shares of the company’s stock, valued at approximately $768,125.82. This represents a 66.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the sale, the chief financial officer owned 903 shares in the company, valued at approximately $117,760.23. This represents a 70.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 133,105 shares of company stock worth $16,869,046 over the last quarter. Insiders own 2.02% of the company’s stock.

PACCAR Stock Up 2.9%

PACCAR stock opened at $128.46 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.42 and a current ratio of 2.98. PACCAR Inc. has a one year low of $84.65 and a one year high of $131.88. The company has a 50-day simple moving average of $119.60 and a 200-day simple moving average of $106.80. The firm has a market capitalization of $67.56 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.08 and a beta of 1.03.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the business posted $1.66 EPS. PACCAR’s revenue was down 15.1% on a year-over-year basis. As a group, equities analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s dividend payout ratio is 29.27%.

About PACCAR

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.