JPMorgan Chase & Co. Acquires 426,311 Shares of PACCAR Inc (NASDAQ:PCAR)

JPMorgan Chase & Co. grew its stake in PACCAR Inc (NASDAQ:PCAR) by 12.1% during the 4th quarter, HoldingsChannel reports. The firm owned 3,941,495 shares of the company’s stock after acquiring an additional 426,311 shares during the quarter. JPMorgan Chase & Co.’s holdings in PACCAR were worth $409,994,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Everence Capital Management Inc. acquired a new stake in PACCAR in the 4th quarter valued at $1,984,000. Cullen Frost Bankers Inc. boosted its stake in shares of PACCAR by 8.2% in the 4th quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company’s stock valued at $8,916,000 after purchasing an additional 6,494 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of PACCAR by 24.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company’s stock valued at $2,962,000 after purchasing an additional 5,871 shares in the last quarter. Insight Wealth Strategies LLC grew its holdings in shares of PACCAR by 21.6% in the 4th quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company’s stock worth $4,061,000 after purchasing an additional 6,936 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of PACCAR by 19.3% during the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the company’s stock worth $138,000 after purchasing an additional 214 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PACCAR

In other PACCAR news, VP Michael K. Walton sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now owns 951 shares in the company, valued at approximately $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Darrin C. Siver sold 103,671 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $111.56, for a total value of $11,565,536.76. Following the completion of the sale, the executive vice president now directly owns 61,005 shares of the company’s stock, valued at approximately $6,805,717.80. This trade represents a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock worth $18,261,908 in the last three months. Insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PCAR. Truist Financial boosted their price target on shares of PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Evercore ISI reduced their target price on PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 18th. Melius upgraded PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Finally, UBS Group cut PACCAR from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $124.00 to $108.00 in a report on Tuesday, March 18th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.38.

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $96.91 on Friday. The stock has a market capitalization of $50.87 billion, a P/E ratio of 12.25, a P/E/G ratio of 2.77 and a beta of 0.91. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $124.39. The business has a 50-day moving average price of $105.19 and a two-hundred day moving average price of $106.64.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. Equities analysts predict that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Wednesday, February 12th were given a $0.33 dividend. This is a positive change from PACCAR’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Wednesday, February 12th. PACCAR’s dividend payout ratio (DPR) is currently 16.69%.

PACCAR Company Profile

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.