Citigroup Inc. Sells 111,746 Shares of PACCAR Inc (NASDAQ:PCAR)

Citigroup Inc. cut its holdings in PACCAR Inc (NASDAQ:PCAR) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 689,099 shares of the company’s stock after selling 111,746 shares during the quarter. Citigroup Inc. owned approximately 0.13% of PACCAR worth $68,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PCAR. Charles Schwab Investment Management Inc. lifted its holdings in PACCAR by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,052,899 shares of the company’s stock worth $301,260,000 after buying an additional 47,855 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of PACCAR by 47.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock worth $1,006,033,000 after acquiring an additional 3,296,146 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of PACCAR by 12.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 797,521 shares of the company’s stock worth $78,699,000 after purchasing an additional 88,784 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of PACCAR by 80.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 51,987 shares of the company’s stock worth $5,130,000 after purchasing an additional 23,116 shares during the last quarter. Finally, Commerce Bank boosted its position in PACCAR by 3.7% during the third quarter. Commerce Bank now owns 27,202 shares of the company’s stock valued at $2,684,000 after purchasing an additional 981 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on PCAR shares. Royal Bank of Canada reissued a “sector perform” rating and set a $119.00 price target on shares of PACCAR in a research report on Monday, November 4th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upped their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Finally, Truist Financial boosted their target price on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Trading Up 0.6 %

PACCAR stock opened at $114.75 on Friday. The stock has a 50-day moving average price of $105.77 and a 200 day moving average price of $103.02. The company has a market capitalization of $60.16 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.34 EPS. Sell-side analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s payout ratio is 13.41%.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 171,776 shares in the company, valued at approximately $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 accessible through this link. Also, CFO Harrie Schippers sold 20,000 shares of PACCAR stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the transaction, the chief financial officer now directly owns 105,558 shares of the company’s stock, valued at approximately $11,287,316.94. This trade represents a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,315 shares of company stock valued at $6,358,552. 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.