Synergy Asset Management LLC Cuts Stock Position in PACCAR Inc. $PCAR

Synergy Asset Management LLC decreased its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 74.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,622 shares of the company’s stock after selling 7,650 shares during the period. Synergy Asset Management LLC’s holdings in PACCAR were worth $287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in PCAR. Vanguard Group Inc. increased its holdings in PACCAR by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock worth $6,205,117,000 after acquiring an additional 485,678 shares in the last quarter. State Street Corp raised its position in PACCAR by 1.0% during the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock worth $2,142,139,000 after acquiring an additional 218,188 shares during the period. Capital Research Global Investors lifted its holdings in PACCAR by 20.3% during the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock valued at $587,084,000 after purchasing an additional 1,009,134 shares in the last quarter. Invesco Ltd. lifted its holdings in PACCAR by 3.5% during the third quarter. Invesco Ltd. now owns 5,396,888 shares of the company’s stock valued at $530,622,000 after purchasing an additional 184,502 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of PACCAR in the second quarter valued at about $472,520,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PCAR. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Wells Fargo & Company set a $119.00 price target on shares of PACCAR and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Truist Financial lifted their price objective on PACCAR from $108.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. Wall Street Zen upgraded PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Citigroup increased their target price on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average target price of $116.18.

Insiders Place Their Bets

In other news, EVP C Michael Dozier sold 79,076 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $127.92, for a total transaction of $10,115,401.92. Following the completion of the sale, the executive vice president owned 34,656 shares in the company, valued at $4,433,195.52. This trade represents a 69.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin D. Baney sold 9,672 shares of PACCAR stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the sale, the executive vice president directly owned 12,592 shares in the company, valued at approximately $1,593,265.76. The trade was a 43.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 133,105 shares of company stock worth $16,869,046. 2.02% of the stock is currently owned by company insiders.

PACCAR Stock Down 2.2%

NASDAQ PCAR opened at $112.75 on Friday. The business’s fifty day simple moving average is $122.03 and its 200-day simple moving average is $110.23. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. The firm has a market cap of $59.34 billion, a PE ratio of 25.00, a P/E/G ratio of 0.97 and a beta of 1.03. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $131.88.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the prior year, the firm posted $1.66 earnings per share. PACCAR’s quarterly revenue was down 15.1% on a year-over-year basis. As a group, equities analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.