Massachusetts Financial Services Co. MA Raises Stake in PACCAR Inc (NASDAQ:PCAR)

Massachusetts Financial Services Co. MA lifted its stake in PACCAR Inc (NASDAQ:PCAR) by 47.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,194,903 shares of the company’s stock after purchasing an additional 3,296,146 shares during the period. Massachusetts Financial Services Co. MA’s holdings in PACCAR were worth $1,006,033,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Edgestream Partners L.P. grew its stake in PACCAR by 38.1% in the first quarter. Edgestream Partners L.P. now owns 7,520 shares of the company’s stock worth $932,000 after purchasing an additional 2,074 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of PACCAR by 61.0% during the 1st quarter. Bessemer Group Inc. now owns 35,868 shares of the company’s stock worth $4,444,000 after purchasing an additional 13,593 shares during the last quarter. Shell Asset Management Co. bought a new stake in PACCAR during the first quarter valued at about $414,000. CreativeOne Wealth LLC purchased a new position in PACCAR in the first quarter valued at about $404,000. Finally, Freestone Capital Holdings LLC raised its holdings in PACCAR by 1.7% in the first quarter. Freestone Capital Holdings LLC now owns 7,641 shares of the company’s stock worth $947,000 after purchasing an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a report on Monday, November 4th. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Truist Financial upped 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. Finally, StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus target price of $117.64.

Insider Buying and Selling at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the company’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 transaction, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. This represents a 51.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin D. Baney sold 9,894 shares of PACCAR stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $107.00, for a total transaction of $1,058,658.00. Following the completion of the sale, the senior vice president now owns 7,121 shares in the company, valued at approximately $761,947. This trade represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,315 shares of company stock valued at $6,358,552. Corporate insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

Shares of PCAR stock opened at $109.99 on Thursday. 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 has a market cap of $57.67 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.73 and a beta of 0.89. The business has a 50-day simple moving average of $105.00 and a 200-day simple moving average of $102.90.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (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 the consensus estimate 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 in the previous year, the company posted $2.34 earnings per share. On average, equities analysts expect that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.09%. PACCAR’s dividend payout ratio is presently 13.41%.

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.