Victory Capital Management Inc. Sells 91,912 Shares of PACCAR Inc. $PCAR

Victory Capital Management Inc. reduced its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 17.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 448,671 shares of the company’s stock after selling 91,912 shares during the period. Victory Capital Management Inc. owned approximately 0.09% of PACCAR worth $44,113,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of PACCAR during the 2nd quarter worth $472,520,000. Pacer Advisors Inc. boosted its stake in PACCAR by 2,389.2% in the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock valued at $197,705,000 after buying an additional 1,930,056 shares in the last quarter. American Century Companies Inc. grew its position in PACCAR by 235.9% in the third quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock valued at $249,801,000 after acquiring an additional 1,784,236 shares during the last quarter. JPMorgan Chase & Co. grew its position in PACCAR by 25.2% in the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after acquiring an additional 1,165,443 shares during the last quarter. Finally, Cullen Capital Management LLC acquired a new position in PACCAR during the second quarter worth about $53,272,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of research analyst reports. 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. JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $133.00 to $142.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. Wall Street Zen raised shares of PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Truist Financial upped their price target on shares of PACCAR from $108.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $116.50.

PACCAR Stock Performance

NASDAQ:PCAR opened at $120.43 on Friday. The stock’s 50-day moving average is $122.05 and its 200-day moving average is $108.60. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $131.88. The company has a current ratio of 2.98, a quick ratio of 2.79 and a debt-to-equity ratio of 0.55. The stock has a market cap of $63.33 billion, a P/E ratio of 26.70, a price-to-earnings-growth ratio of 1.01 and a beta of 1.03.

PACCAR (NASDAQ:PCAR) last issued 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 business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same quarter last year, the business earned $1.66 EPS. The firm’s quarterly revenue was down 15.1% on a year-over-year basis. Equities research analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio (DPR) is presently 29.27%.

Insider Activity at PACCAR

In related news, EVP Kevin D. Baney sold 9,672 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the transaction, the executive vice president directly owned 12,592 shares of the company’s stock, valued at $1,593,265.76. This trade represents a 43.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $130.41, for a total value of $286,902.00. Following the transaction, the chief financial officer directly owned 903 shares in the company, valued at $117,760.23. The trade was a 70.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 133,105 shares of company stock valued at $16,869,046 in the last quarter. Insiders own 2.02% of the company’s stock.

PACCAR 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.