Mizuho Securities USA LLC Trims Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Mizuho Securities USA LLC lowered its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 15.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,993 shares of the company’s stock after selling 6,422 shares during the period. Mizuho Securities USA LLC’s holdings in PACCAR were worth $3,354,000 as of its most recent SEC filing.

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

PACCAR Stock Performance

PACCAR stock opened at $114.75 on Friday. The firm has a market capitalization of $60.16 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50. The stock’s 50 day moving average price is $105.77 and its 200 day moving average price is $103.05. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 13.51% and a return on equity of 27.24%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 earnings per share. As a group, sell-side analysts expect that PACCAR Inc will post 7.98 EPS for the current fiscal year.

PACCAR Announces Dividend

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

Insider Activity

In other 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 transaction of $1,058,658.00. Following the completion of the transaction, the senior vice president now directly owns 7,121 shares in the company, valued at approximately $761,947. This represents a 58.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock worth $6,358,552 over the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Analyst Ratings Changes

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

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.