Summit Trail Advisors LLC Reduces Holdings in PACCAR Inc (NASDAQ:PCAR)

Summit Trail Advisors LLC lowered its position in PACCAR Inc (NASDAQ:PCAR) by 15.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 7,823 shares of the company’s stock after selling 1,439 shares during the period. Summit Trail Advisors LLC’s holdings in PACCAR were worth $772,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PCAR. Quarry LP purchased a new position in shares of PACCAR in the second quarter worth about $26,000. New Covenant Trust Company N.A. purchased a new position in PACCAR in the 1st quarter worth approximately $27,000. Meeder Asset Management Inc. lifted its stake in PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $36,000. Finally, Fortitude Family Office LLC increased its holdings in shares of PACCAR by 200.0% in the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after purchasing an additional 244 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Stock Up 1.6 %

NASDAQ:PCAR opened at $116.54 on Tuesday. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average is $106.19 and its two-hundred day moving average is $103.05. The stock has a market capitalization of $61.10 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. PACCAR’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the business posted $2.34 EPS. Research analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio (DPR) is currently 13.41%.

Analyst Ratings Changes

PCAR has been the subject of several analyst reports. Truist Financial upped their target price on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Citigroup raised their price objective on shares of PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 20th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $119.00 price target on shares of PACCAR in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. decreased their price objective on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $117.64.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kevin D. Baney sold 9,894 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the transaction, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at $761,947. The trade was a 58.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 in the last ninety days. Company insiders own 2.02% of the company’s stock.

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.