Fifth Third Bancorp Sells 2,009 Shares of PACCAR Inc (NASDAQ:PCAR)

Fifth Third Bancorp reduced its position in PACCAR Inc (NASDAQ:PCAR) by 4.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,809 shares of the company’s stock after selling 2,009 shares during the period. Fifth Third Bancorp’s holdings in PACCAR were worth $4,266,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Meeder Asset Management Inc. boosted its holdings in shares of PACCAR by 221.8% in the 4th quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock valued at $29,000 after buying an additional 193 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of PACCAR by 8,750.0% in the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company’s stock valued at $37,000 after buying an additional 350 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of PACCAR in the 4th quarter valued at about $37,000. Atala Financial Inc bought a new stake in shares of PACCAR in the 4th quarter valued at about $43,000. Finally, OFI Invest Asset Management bought a new stake in shares of PACCAR in the 4th quarter valued at about $43,000. 64.90% of the stock is currently owned by institutional investors.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $91.88 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. PACCAR Inc has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a 50 day simple moving average of $92.08 and a two-hundred day simple moving average of $101.38. The stock has a market cap of $48.23 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.77 and a beta of 0.95.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.12). The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The business’s revenue was down 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.27 earnings per share. As a group, analysts predict that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.44%. The ex-dividend date was Wednesday, May 14th. PACCAR’s dividend payout ratio (DPR) is 20.00%.

Analyst Ratings Changes

PCAR has been the topic of a number of recent analyst reports. Melius Research set a $120.00 price target on shares of PACCAR in a report on Tuesday, March 18th. JPMorgan Chase & Co. lowered shares of PACCAR from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $105.00 to $90.00 in a research report on Wednesday, April 30th. UBS Group lowered shares of PACCAR from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $108.00 to $78.00 in a research report on Monday, April 7th. Evercore ISI decreased their price objective on shares of PACCAR from $127.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, Truist Financial decreased their price objective on shares of PACCAR from $113.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, PACCAR currently has a consensus rating of “Hold” and a consensus target price of $104.14.

Insider Activity

In other news, Director Pierre R. Breber bought 5,000 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was purchased at an average cost of $89.78 per share, with a total value of $448,900.00. Following the acquisition, the director now directly owns 13,015 shares in the company, valued at $1,168,486.70. This trade represents a 62.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.02% of the company’s stock.

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.