Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Kentucky Retirement Systems Insurance Trust Fund cut its position in shares of PACCAR Inc (NASDAQ:PCAR) by 19.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,539 shares of the company’s stock after selling 2,982 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in PACCAR were worth $1,304,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in PACCAR during the fourth quarter worth $37,000. Kestra Investment Management LLC acquired a new stake in shares of PACCAR in the fourth quarter valued at about $37,000. Regents Gate Capital LLP acquired a new stake in shares of PACCAR in the fourth quarter valued at about $44,000. Ashton Thomas Securities LLC acquired a new stake in PACCAR during the third quarter worth about $52,000. Finally, AdvisorNet Financial Inc increased its position in PACCAR by 223.4% during the fourth quarter. AdvisorNet Financial Inc now owns 566 shares of the company’s stock worth $59,000 after purchasing an additional 391 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Performance

PCAR stock opened at $106.54 on Wednesday. The company has a current ratio of 1.67, a quick ratio of 1.39 and a debt-to-equity ratio of 0.54. The firm has a market cap of $55.86 billion, a P/E ratio of 13.47, a P/E/G ratio of 2.75 and a beta of 0.92. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50. The stock’s 50 day simple moving average is $107.97 and its 200 day simple moving average is $105.04.

PACCAR (NASDAQ:PCAR) last issued its earnings results 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%. As a group, equities research analysts predict that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, December 20th. This is a boost from PACCAR’s previous dividend of $0.89. PACCAR’s dividend payout ratio (DPR) is currently 16.69%.

Insider Activity at PACCAR

In related news, CFO Harrie Schippers sold 28,676 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the transaction, the chief financial officer now owns 114,659 shares in the company, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 25,200 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $110.98, for a total value of $2,796,696.00. Following the sale, the chief executive officer now owns 206,129 shares of the company’s stock, valued at $22,876,196.42. The trade was a 10.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,547 shares of company stock valued at $17,625,128 over the last 90 days. 2.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PCAR has been the subject of several research analyst reports. Citigroup lowered their target price on shares of PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley decreased their price target on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price target on shares of PACCAR from $125.00 to $132.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Truist Financial raised their price objective on shares of PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $119.00 target price on shares of PACCAR in a report on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $121.95.

About PACCAR

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.