ProShare Advisors LLC Cuts Position in PACCAR Inc. $PCAR

ProShare Advisors LLC trimmed its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 18.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 657,658 shares of the company’s stock after selling 147,348 shares during the period. ProShare Advisors LLC owned approximately 0.13% of PACCAR worth $64,661,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hazlett Burt & Watson Inc. raised its stake 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 buying an additional 100 shares during the last quarter. Private Wealth Management Group LLC increased its holdings in shares of PACCAR by 293.1% during the third 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. AlphaQuest LLC purchased a new position in shares of PACCAR in the 3rd quarter worth about $38,000. Hantz Financial Services Inc. boosted its stake in PACCAR by 43.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock worth $42,000 after purchasing an additional 134 shares in the last quarter. Finally, Westside Investment Management Inc. grew its position in PACCAR by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 432 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PCAR. JPMorgan Chase & Co. lifted their target price on shares of PACCAR from $133.00 to $142.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Citigroup boosted their price objective on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Thursday, January 29th. Truist Financial increased their target price on PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, January 28th. Jefferies Financial Group reissued a “hold” rating and issued a $90.00 target price on shares of PACCAR in a report on Tuesday, October 21st. Finally, Wells Fargo & Company set a $119.00 price target on PACCAR and gave the company an “equal weight” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $116.50.

PACCAR Price Performance

Shares of PCAR opened at $127.26 on Tuesday. The firm has a fifty day simple moving average of $116.59 and a two-hundred day simple moving average of $105.09. The firm has a market cap of $66.84 billion, a PE ratio of 28.22, a P/E/G ratio of 1.07 and a beta of 1.03. The company has a current ratio of 1.70, a quick ratio of 1.42 and a debt-to-equity ratio of 0.56. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $131.88.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $6.06 billion. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.PACCAR’s revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.66 earnings per share. On average, equities analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

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

Insider Activity

In related news, CEO R Preston Feight sold 9,258 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $129.70, for a total value of $1,200,762.60. Following the transaction, the chief executive officer owned 258,566 shares of the company’s stock, valued at approximately $33,536,010.20. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brice J. Poplawski sold 2,200 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $123.99, for a total transaction of $272,778.00. Following the sale, the chief financial officer owned 903 shares of the company’s stock, valued at $111,962.97. This trade represents a 70.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 130,905 shares of company stock worth $16,582,144. Company insiders own 2.02% of the company’s stock.

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.