Pinnacle Associates Ltd. Has $1.14 Million Holdings in PACCAR Inc (NASDAQ:PCAR)

Pinnacle Associates Ltd. boosted its position in shares of PACCAR Inc (NASDAQ:PCAR) by 3.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,619 shares of the company’s stock after buying an additional 386 shares during the period. Pinnacle Associates Ltd.’s holdings in PACCAR were worth $1,135,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PCAR. Quarry LP bought a new position in shares of PACCAR in the 2nd quarter valued at $26,000. New Covenant Trust Company N.A. acquired a new stake in PACCAR in the first quarter valued at about $27,000. Meeder Asset Management Inc. grew its position in PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in PACCAR during the second quarter worth about $36,000. Finally, Fortitude Family Office LLC lifted its holdings in shares of PACCAR by 200.0% in the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after acquiring an additional 244 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

PACCAR Trading Down 0.9 %

NASDAQ PCAR opened at $103.35 on Friday. The firm has a market capitalization of $54.19 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.63 and a beta of 0.89. The business’s 50-day moving average price is $100.33 and its two-hundred day moving average price is $102.74. The company has a current ratio of 1.25, a quick ratio of 1.55 and a debt-to-equity ratio of 0.54. PACCAR Inc has a 12 month low of $83.18 and a 12 month high of $125.50.

PACCAR (NASDAQ:PCAR) last announced its 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 business had revenue of $8.24 billion for 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 firm’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.34 earnings per share. On average, analysts expect that PACCAR Inc will post 8 EPS for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.16%. PACCAR’s dividend payout ratio is presently 13.41%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Citigroup upped their price target on shares of PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reduced their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. dropped their target price on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $114.18.

Insider Activity

In other PACCAR news, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the transaction, the senior vice president now owns 7,121 shares in the company, valued at approximately $761,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Harrie Schippers sold 20,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the completion of the sale, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the completion of the transaction, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at approximately $761,947. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock worth $6,358,552 in the last three months. Company insiders own 2.02% of the company’s stock.

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.