PACCAR Inc. $PCAR Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC lowered its position in PACCAR Inc. (NASDAQ:PCAR) by 3.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 121,490 shares of the company’s stock after selling 4,493 shares during the period. Granite Investment Partners LLC’s holdings in PACCAR were worth $11,945,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PCAR. Fidelis Capital Partners LLC increased its stake in shares of PACCAR by 2.9% in the 2nd quarter. Fidelis Capital Partners LLC now owns 3,759 shares of the company’s stock valued at $366,000 after purchasing an additional 105 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in PACCAR by 3.1% in the third quarter. Foundations Investment Advisors LLC now owns 3,640 shares of the company’s stock valued at $358,000 after purchasing an additional 108 shares during the period. Intellectus Partners LLC increased its position in shares of PACCAR by 1.0% in the second quarter. Intellectus Partners LLC now owns 10,673 shares of the company’s stock valued at $1,015,000 after buying an additional 109 shares in the last quarter. Matrix Trust Co raised its stake in shares of PACCAR by 3.9% during the 3rd quarter. Matrix Trust Co now owns 2,948 shares of the company’s stock worth $290,000 after buying an additional 110 shares during the period. Finally, Forbes J M & Co. LLP lifted its position in shares of PACCAR by 4.3% during the 3rd quarter. Forbes J M & Co. LLP now owns 2,664 shares of the company’s stock valued at $262,000 after buying an additional 111 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Up 2.9%

Shares of PCAR opened at $128.46 on Monday. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $131.88. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. The stock has a fifty day simple moving average of $119.60 and a two-hundred day simple moving average of $106.86. The company has a market capitalization of $67.56 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.08 and a beta of 1.03.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the company posted $1.66 EPS. The company’s revenue was down 15.1% compared to the same quarter last year. As a group, equities analysts forecast that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.0%. PACCAR’s dividend payout ratio (DPR) is currently 29.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Morgan Stanley set a $109.00 price target on shares of PACCAR and gave the stock an “equal weight” rating in a report on Tuesday, February 3rd. Citigroup upped their price target on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Thursday, January 29th. JPMorgan Chase & Co. raised their price target on shares of PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Zacks Research upgraded PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Finally, Sanford C. Bernstein set a $138.00 target price on PACCAR and gave the company an “outperform” rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $116.50.

Insider Activity

In related news, VP Paulo Henrique Bolgar sold 12,183 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president directly owned 6,274 shares in the company, valued at approximately $768,125.82. This represents a 66.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO R Preston Feight sold 9,258 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total value of $1,200,762.60. Following the completion of the transaction, the chief executive officer owned 258,566 shares of the company’s stock, valued at $33,536,010.20. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 133,105 shares of company stock worth $16,869,046. 2.02% of the stock is 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.