Horizon Investment Services LLC Cuts Position in PACCAR Inc (NASDAQ:PCAR)

Horizon Investment Services LLC lessened its holdings in PACCAR Inc (NASDAQ:PCAR) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,307 shares of the company’s stock after selling 2,498 shares during the period. PACCAR comprises about 1.2% of Horizon Investment Services LLC’s portfolio, making the stock its 29th largest holding. Horizon Investment Services LLC’s holdings in PACCAR were worth $2,502,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC boosted its holdings in PACCAR by 17.7% in the 4th quarter. Private Advisor Group LLC now owns 21,433 shares of the company’s stock worth $2,093,000 after buying an additional 3,224 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of PACCAR by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,967,614 shares of the company’s stock worth $289,788,000 after purchasing an additional 54,273 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of PACCAR by 35.3% during the 4th quarter. Cullen Frost Bankers Inc. now owns 59,455 shares of the company’s stock worth $5,806,000 after purchasing an additional 15,508 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of PACCAR during the 4th quarter worth approximately $211,000. Finally, Montag A & Associates Inc. boosted its holdings in shares of PACCAR by 15.2% during the 4th quarter. Montag A & Associates Inc. now owns 19,012 shares of the company’s stock worth $1,916,000 after purchasing an additional 2,508 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 recently weighed in on PCAR. Raymond James initiated coverage on PACCAR in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. decreased their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Truist Financial decreased their price objective on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a report on Wednesday, July 24th. Evercore ISI decreased their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $112.73.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the sale, the chief executive officer now directly owns 162,782 shares in the company, valued at $16,066,583.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.02% of the stock is owned by insiders.

PACCAR Stock Down 2.6 %

Shares of NASDAQ PCAR opened at $92.57 on Friday. The stock has a market cap of $48.53 billion, a P/E ratio of 9.60, a PEG ratio of 1.49 and a beta of 0.91. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. PACCAR Inc has a 12-month low of $80.94 and a 12-month high of $125.50. The business’s fifty day simple moving average is $98.25 and its 200-day simple moving average is $107.32.

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

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Thursday, August 15th. PACCAR’s dividend payout ratio is presently 12.45%.

PACCAR 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.