Allstate Corp Invests $1.61 Million in PACCAR Inc (NASDAQ:PCAR)

Allstate Corp bought a new stake in PACCAR Inc (NASDAQ:PCAR) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 15,425 shares of the company’s stock, valued at approximately $1,605,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in PACCAR by 53.3% during the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after purchasing an additional 4,669,172 shares during the period. Norges Bank acquired a new position in PACCAR during the fourth quarter worth $526,922,000. JPMorgan Chase & Co. raised its position in PACCAR by 12.1% in the fourth quarter. JPMorgan Chase & Co. now owns 3,941,495 shares of the company’s stock worth $409,994,000 after acquiring an additional 426,311 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in PACCAR by 1.8% in the fourth quarter. Bank of New York Mellon Corp now owns 3,505,964 shares of the company’s stock valued at $364,690,000 after acquiring an additional 61,457 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of PACCAR by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock worth $335,334,000 after purchasing an additional 178,813 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on PCAR shares. UBS Group cut shares of PACCAR from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $124.00 to $108.00 in a research note on Tuesday, March 18th. Evercore ISI reduced their price target on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Truist Financial boosted their price target on PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. reduced their price objective on PACCAR from $132.00 to $121.00 and set an “overweight” rating for the company in a report on Tuesday, March 18th. Finally, Melius Research set a $120.00 target price on PACCAR in a research report on Tuesday, March 18th. Eight investment 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.38.

Insider Activity

In other news, VP Michael K. Walton sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now directly owns 951 shares in the company, valued at $100,929.63. This represents a 86.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares of the company’s stock, valued at approximately $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 valued at $18,261,908 over the last quarter. Company insiders own 2.02% of the company’s stock.

PACCAR Price Performance

NASDAQ:PCAR opened at $96.91 on Monday. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $124.39. The firm has a market cap of $50.87 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. The company’s 50-day moving average is $105.19 and its two-hundred day moving average is $106.72. 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 (NASDAQ:PCAR) last posted its quarterly earnings data 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 net margin of 12.36% and a return on equity of 23.53%. Research analysts expect that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Wednesday, February 12th were issued a dividend of $0.33 per share. This is a boost from PACCAR’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, February 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.36%. PACCAR’s dividend payout ratio (DPR) is 16.69%.

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.