PACCAR Inc (NASDAQ:PCAR) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its stake in PACCAR Inc (NASDAQ:PCAR) by 42.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 191,400 shares of the company’s stock after selling 139,792 shares during the quarter. Franklin Resources Inc.’s holdings in PACCAR were worth $20,713,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP acquired a new stake in PACCAR during the 2nd quarter worth about $26,000. Meeder Asset Management Inc. grew its position in PACCAR by 269.7% during 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 stake in PACCAR during the 2nd quarter valued at $36,000. Grove Bank & Trust lifted its holdings in shares of PACCAR by 28.4% in the third quarter. Grove Bank & Trust now owns 466 shares of the company’s stock valued at $46,000 after purchasing an additional 103 shares in the last quarter. Finally, Sander Capital Advisors Inc. acquired a new stake in shares of PACCAR in the third quarter worth $50,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO R Preston Feight sold 27,191 shares of the 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 transaction, the chief executive officer now owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the transaction, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Stock Performance

NASDAQ PCAR opened at $107.51 on Friday. The company’s fifty day moving average is $111.47 and its two-hundred day moving average is $104.00. The firm has a market capitalization of $56.37 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR Inc has a 52-week low of $90.04 and a 52-week high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.82 by $0.03. The firm 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%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. Equities research analysts forecast that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Friday, December 20th. This is a positive change from PACCAR’s previous dividend of $0.89. PACCAR’s payout ratio is 13.41%.

Analysts Set New Price Targets

Several research firms recently weighed in on PCAR. Jefferies Financial Group lowered PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research report on Friday, December 6th. Truist Financial increased their price target on shares of PACCAR from $107.00 to $110.00 and gave the stock a “hold” rating in a research report on Thursday. Citigroup raised their price target on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, 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. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average target price of $118.50.

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.