Stoneridge Investment Partners LLC Trims Position in PACCAR Inc (NASDAQ:PCAR)

Stoneridge Investment Partners LLC trimmed its stake in PACCAR Inc (NASDAQ:PCAR) by 5.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 12,253 shares of the company’s stock after selling 650 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in PACCAR were worth $1,261,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PCAR. Fisher Asset Management LLC raised its holdings in PACCAR by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 4,910,042 shares of the company’s stock worth $479,466,000 after purchasing an additional 83,444 shares in the last quarter. Norges Bank bought a new position in shares of PACCAR in the 4th quarter worth about $448,288,000. Capital International Investors lifted its position in PACCAR by 44.8% during the 1st quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after acquiring an additional 1,225,468 shares during the period. Principal Financial Group Inc. boosted its stake in PACCAR by 1.5% during the second quarter. Principal Financial Group Inc. now owns 3,219,380 shares of the company’s stock worth $331,403,000 after acquiring an additional 48,784 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in PACCAR by 0.9% in the fourth quarter. First Trust Advisors LP now owns 2,750,136 shares of the company’s stock worth $268,551,000 after purchasing an additional 23,394 shares during the period. Institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PCAR. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 24th. Evercore ISI lowered their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Citigroup lowered their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $112.73.

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the transaction, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $95.12 on Friday. The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $97.40 and its 200-day moving average price is $106.69. PACCAR Inc has a 52-week low of $80.94 and a 52-week high of $125.50. The company has a market cap of $49.86 billion, a PE ratio of 9.87, a PEG ratio of 1.46 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The company had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the firm posted $2.33 EPS. As a group, analysts anticipate that PACCAR Inc will post 8.08 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio is 12.45%.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.