Allstate Corp Acquires Shares of 18,964 PACCAR Inc. $PCAR

Allstate Corp bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,964 shares of the company’s stock, valued at approximately $1,865,000.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of PACCAR during the second quarter valued at approximately $472,520,000. Pacer Advisors Inc. lifted its position in PACCAR by 2,389.2% during the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock valued at $197,705,000 after buying an additional 1,930,056 shares during the period. JPMorgan Chase & Co. lifted its position in PACCAR by 25.2% during 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 period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of PACCAR during the 2nd quarter valued at $83,658,000. Finally, Cullen Capital Management LLC purchased a new stake in shares of PACCAR in the 2nd quarter worth about $53,272,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $119.38 on Wednesday. The firm has a market cap of $62.70 billion, a P/E ratio of 23.36, a PEG ratio of 14.99 and a beta of 1.01. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $122.65. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $109.81 and a 200 day moving average of $102.37.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter in the prior year, the business posted $1.85 earnings per share. The business’s revenue for the quarter was down 20.7% on a year-over-year basis. As a group, research analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal 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 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, February 11th. PACCAR’s dividend payout ratio (DPR) is presently 25.83%.

Insiders Place Their Bets

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the transaction, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,338.20. The trade was a 87.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.02% of the company’s stock.

Analyst Ratings Changes

PCAR has been the subject of several research reports. Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Morgan Stanley upped their price objective on shares of PACCAR from $93.00 to $102.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 13th. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Sanford C. Bernstein reissued an “outperform” rating and issued a $125.00 price target on shares of PACCAR in a research report on Friday, December 5th. Finally, Wall Street Zen downgraded PACCAR from a “hold” rating to a “sell” rating in a research note on Saturday. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, PACCAR has an average rating of “Moderate Buy” and an average price target of $112.33.

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.