PACCAR Inc (NASDAQ:PCAR) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its stake in PACCAR Inc (NASDAQ:PCAR) by 30.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 103,820 shares of the company’s stock after selling 44,788 shares during the quarter. Glenmede Trust Co. NA’s holdings in PACCAR were worth $10,245,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Insight Wealth Partners LLC raised its position in PACCAR by 1.4% in the third quarter. Insight Wealth Partners LLC now owns 7,700 shares of the company’s stock valued at $760,000 after purchasing an additional 104 shares during the period. Townsquare Capital LLC grew its stake in shares of PACCAR by 36.1% in the third quarter. Townsquare Capital LLC now owns 11,133 shares of the company’s stock valued at $1,099,000 after buying an additional 2,951 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in shares of PACCAR in the 3rd quarter valued at $200,000. Brooklyn Investment Group lifted its stake in PACCAR by 10.8% during the 3rd quarter. Brooklyn Investment Group now owns 4,570 shares of the company’s stock worth $451,000 after acquiring an additional 447 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in PACCAR by 0.4% during the 3rd quarter. D.A. Davidson & CO. now owns 163,742 shares of the company’s stock worth $16,158,000 after acquiring an additional 710 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PCAR. Truist Financial lifted their target price on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a report on Monday, November 4th. JPMorgan Chase & Co. dropped their price target on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, BNP Paribas upgraded PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $117.64.

PACCAR Price Performance

PACCAR stock opened at $117.00 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. The company has a fifty day simple moving average of $107.64 and a 200-day simple moving average of $103.35. The stock has a market cap of $61.34 billion, a P/E ratio of 13.07, a price-to-earnings-growth ratio of 1.82 and a beta of 0.89. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) 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 business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. During the same period in the prior year, the firm posted $2.34 EPS. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. Equities analysts expect that PACCAR Inc will post 7.98 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.03%. PACCAR’s dividend payout ratio is currently 13.41%.

Insiders Place Their Bets

In related news, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by corporate insiders.

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.