Moran Wealth Management LLC Cuts Position in PACCAR Inc (NASDAQ:PCAR)

20 Nov 2024, 10:58 by Teresa Graham · The Cerbat Gem

Moran Wealth Management LLC lessened its position in shares of PACCAR Inc (NASDAQ:PCAR – Free Report) by 25.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,702 shares of the company’s stock after selling 74,434 shares during the quarter. Moran Wealth Management LLC’s holdings in PACCAR were worth $21,779,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PCAR. Capital International Investors grew its holdings 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 buying an additional 1,225,468 shares in the last quarter. Renaissance Technologies LLC purchased a new position in PACCAR during the 2nd quarter valued at approximately $88,437,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in PACCAR during the 2nd quarter valued at approximately $51,277,000. Squarepoint Ops LLC boosted its holdings in shares of PACCAR by 3,019.7% in the 2nd quarter. Squarepoint Ops LLC now owns 442,564 shares of the company’s stock worth $45,558,000 after purchasing an additional 428,378 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of PACCAR in the 2nd quarter worth approximately $39,238,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Buying and Selling

In other PACCAR news, CFO Harrie Schippers sold 20,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the sale, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. The trade was a 15.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the sale, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock worth $6,358,552 in the last ninety days. 2.02% of the stock is owned by insiders.

PACCAR Stock Down 0.7 %

Shares of PCAR traded down $0.82 during trading hours on Wednesday, hitting $109.56. The company had a trading volume of 157,076 shares, compared to its average volume of 2,618,930. The company has a market capitalization of $57.44 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.76 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50. The company’s fifty day moving average price is $104.69 and its two-hundred day moving average price is $102.85.

PACCAR (NASDAQ:PCAR – Get Free Report) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the previous year, the business earned $2.34 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, equities analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.10%. PACCAR’s dividend payout ratio (DPR) is 13.41%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PCAR shares. Deutsche Bank Aktiengesellschaft dropped their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Truist Financial raised their price target on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Morgan Stanley decreased their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. decreased their target price on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus target price of $116.55.

Get Our Latest Analysis on PCAR

PACCAR Company Profile

(Free Report)

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.