Corebridge Financial Inc. Has $16.58 Million Position in PACCAR Inc (NASDAQ:PCAR)

Corebridge Financial Inc. lessened its holdings in PACCAR Inc (NASDAQ:PCAR) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 159,396 shares of the company’s stock after selling 3,619 shares during the period. Corebridge Financial Inc.’s holdings in PACCAR were worth $16,580,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PCAR. LPL Financial LLC raised its position in shares of PACCAR by 6.1% in the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company’s stock valued at $22,094,000 after purchasing an additional 12,143 shares during the period. KLP Kapitalforvaltning AS bought a new position in PACCAR in the 4th quarter valued at about $32,859,000. Sei Investments Co. lifted its position in PACCAR by 3.6% during the fourth quarter. Sei Investments Co. now owns 126,268 shares of the company’s stock worth $13,134,000 after acquiring an additional 4,422 shares during the last quarter. American Century Companies Inc. lifted its position in PACCAR by 15.8% during the fourth quarter. American Century Companies Inc. now owns 631,369 shares of the company’s stock worth $65,675,000 after acquiring an additional 86,215 shares during the last quarter. Finally, Mizuho Securities USA LLC grew its position in shares of PACCAR by 46.2% in the fourth quarter. Mizuho Securities USA LLC now owns 49,692 shares of the company’s stock valued at $5,169,000 after purchasing an additional 15,699 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Melius Research raised PACCAR to a “strong-buy” rating in a report on Tuesday, March 18th. JPMorgan Chase & Co. reduced their target price on shares of PACCAR from $132.00 to $121.00 and set an “overweight” rating for the company in a research report on Tuesday, March 18th. Truist Financial raised their price target on shares of PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Evercore ISI cut their price objective on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Finally, Melius upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $118.23.

Insider Buying and Selling

In other PACCAR news, VP Michael K. Walton sold 6,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total value of $636,780.00. Following the completion of the transaction, the vice president now owns 951 shares of the company’s stock, valued at $100,929.63. This represents a 86.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $112.05, for a total value of $224,100.00. Following the sale, the vice president now directly owns 5,463 shares in the company, valued at $612,129.15. The trade was a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock worth $18,261,908 in the last three months. 2.02% of the stock is owned by corporate insiders.

PACCAR Stock Up 1.6 %

NASDAQ PCAR opened at $98.64 on Tuesday. The business has a fifty day moving average price of $106.10 and a two-hundred day moving average price of $106.60. The stock has a market capitalization of $51.77 billion, a PE ratio of 12.47, a PEG ratio of 2.77 and a beta of 0.91. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

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

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, February 12th. 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 1.34%. PACCAR’s payout ratio is 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.