PACCAR Inc (NASDAQ:PCAR) Shares Sold by Mengis Capital Management Inc.

Mengis Capital Management Inc. reduced its position in PACCAR Inc (NASDAQ:PCAR) by 26.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 141,542 shares of the company’s stock after selling 49,615 shares during the quarter. PACCAR comprises approximately 3.0% of Mengis Capital Management Inc.’s investment portfolio, making the stock its 4th largest position. Mengis Capital Management Inc.’s holdings in PACCAR were worth $14,723,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PCAR. Private Advisor Group LLC increased its stake in shares of PACCAR by 20.6% in the 3rd quarter. Private Advisor Group LLC now owns 26,118 shares of the company’s stock worth $2,577,000 after acquiring an additional 4,457 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of PACCAR by 7,540.3% in the 3rd quarter. International Assets Investment Management LLC now owns 289,034 shares of the company’s stock worth $28,522,000 after acquiring an additional 285,251 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of PACCAR by 1.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 547,111 shares of the company’s stock worth $53,534,000 after acquiring an additional 6,115 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of PACCAR by 1.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 213,294 shares of the company’s stock worth $21,048,000 after acquiring an additional 2,920 shares during the last quarter. Finally, abrdn plc increased its stake in shares of PACCAR by 7.4% in the 3rd quarter. abrdn plc now owns 247,516 shares of the company’s stock worth $24,283,000 after acquiring an additional 17,084 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In other news, CFO Harrie Schippers sold 28,676 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the transaction, the chief financial officer now directly owns 114,659 shares of the company’s stock, valued at approximately $12,150,414.23. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the transaction, the vice president now directly owns 5,463 shares of the company’s stock, valued at approximately $612,129.15. This represents a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 165,547 shares of company stock worth $18,261,908 in the last three months. 2.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PCAR. Evercore ISI cut their target price on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Citigroup cut their target price on PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating and increased their price target for the stock from $116.00 to $121.50 in a report on Tuesday, January 14th. Finally, Truist Financial increased their price target on PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, PACCAR presently has a consensus rating of “Moderate Buy” and an average target price of $121.77.

PACCAR Stock Performance

Shares of PACCAR stock opened at $106.25 on Tuesday. The business has a 50-day moving average of $107.38 and a 200 day moving average of $105.43. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The stock has a market capitalization of $55.76 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 2.77 and a beta of 0.92. 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 earnings results on Tuesday, January 28th. The company reported $1.66 EPS 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%. As a group, sell-side analysts forecast that PACCAR Inc will post 7.57 earnings per share 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 issued a dividend of $3.00 per share. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR’s dividend payout ratio (DPR) is 16.69%.

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.