Mount Lucas Management LP Decreases Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Mount Lucas Management LP trimmed its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 51.3% in the third quarter, Holdings Channel reports. The institutional investor owned 24,021 shares of the company’s stock after selling 25,272 shares during the period. Mount Lucas Management LP’s holdings in PACCAR were worth $2,370,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Kingsview Wealth Management LLC boosted its holdings in PACCAR by 13.0% in the first quarter. Kingsview Wealth Management LLC now owns 3,641 shares of the company’s stock valued at $451,000 after purchasing an additional 418 shares in the last quarter. TIAA Trust National Association purchased a new position in shares of PACCAR during the first quarter worth about $312,000. Edgestream Partners L.P. increased its position in shares of PACCAR by 38.1% during the first quarter. Edgestream Partners L.P. now owns 7,520 shares of the company’s stock worth $932,000 after purchasing an additional 2,074 shares in the last quarter. Covestor Ltd lifted its holdings in shares of PACCAR by 17.5% in the 1st quarter. Covestor Ltd now owns 844 shares of the company’s stock valued at $105,000 after purchasing an additional 126 shares during the last quarter. Finally, Trustmark National Bank Trust Department boosted its position in shares of PACCAR by 13.6% in the 1st quarter. Trustmark National Bank Trust Department now owns 17,730 shares of the company’s stock valued at $2,197,000 after purchasing an additional 2,121 shares during the period. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the transaction, the vice president now directly owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kevin D. Baney sold 9,894 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the sale, the senior vice president now directly owns 7,121 shares in the company, valued at $761,947. This trade represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock worth $6,358,552 over the last 90 days. Company insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft cut their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. BNP Paribas raised shares of PACCAR to a “hold” rating in a report on Wednesday, October 16th. Citigroup increased their price target on shares of PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Morgan Stanley dropped their price objective on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $99.00 to $129.00 in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $116.55.

PACCAR Trading Down 2.4 %

Shares of PACCAR stock opened at $112.26 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The firm has a market cap of $58.86 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 1.76 and a beta of 0.89. PACCAR Inc has a 52-week low of $90.04 and a 52-week high of $125.50. The company’s 50-day simple moving average is $104.03 and its 200-day simple moving average is $102.80.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.82 by $0.03. The business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the firm earned $2.34 EPS. As a group, equities research analysts anticipate that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. PACCAR’s dividend payout ratio is presently 13.41%.

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.