PACCAR Inc. $PCAR Position Reduced by Citigroup Inc.

Citigroup Inc. reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 18.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 581,407 shares of the company’s stock after selling 135,055 shares during the period. Citigroup Inc. owned about 0.11% of PACCAR worth $57,164,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other PACCAR news, EVP C Michael Dozier sold 79,076 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total value of $10,115,401.92. Following the completion of the sale, the executive vice president directly owned 34,656 shares in the company, valued at $4,433,195.52. This represents a 69.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kevin D. Baney sold 9,672 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total value of $1,223,798.16. Following the transaction, the executive vice president directly owned 12,592 shares of the company’s stock, valued at approximately $1,593,265.76. The trade was a 43.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 133,105 shares of company stock worth $16,869,046. Company insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

PCAR has been the subject of a number of research reports. Sanford C. Bernstein set a $138.00 price objective on shares of PACCAR and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Truist Financial lifted their price target on shares of PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Wells Fargo & Company set a $119.00 target price on shares of PACCAR and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. upped their target price on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $116.50.

PACCAR Trading Down 1.9%

Shares of PCAR stock opened at $126.06 on Tuesday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $131.88. The firm has a market capitalization of $66.29 billion, a PE ratio of 27.95, a price-to-earnings-growth ratio of 1.08 and a beta of 1.03. The stock has a fifty day moving average of $119.87 and a two-hundred day moving average of $107.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98.

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

PACCAR Cuts Dividend

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

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.