Freedom Investment Management Inc. Lowers Stock Position in PACCAR Inc (NASDAQ:PCAR)

Freedom Investment Management Inc. decreased its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 34.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,863 shares of the company’s stock after selling 4,042 shares during the period. Freedom Investment Management Inc.’s holdings in PACCAR were worth $776,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in PACCAR during the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. increased its position in PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in PACCAR during the 2nd quarter worth approximately $36,000. Fortitude Family Office LLC increased its position in PACCAR by 200.0% during the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after purchasing an additional 244 shares during the period. Finally, ORG Partners LLC increased its position in PACCAR by 7,560.0% during the 2nd quarter. ORG Partners LLC now owns 383 shares of the company’s stock worth $39,000 after purchasing an additional 378 shares during the period. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $116.18 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The firm has a market cap of $60.91 billion, a PE ratio of 12.98, a P/E/G ratio of 1.82 and a beta of 0.89. The firm has a 50 day simple moving average of $107.28 and a 200-day simple moving average of $103.28. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. During the same quarter in the prior year, the company posted $2.34 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. On average, equities analysts expect that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Dividend Announcement

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 paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is 13.41%.

Analysts Set New Price Targets

Several research firms have issued reports on PCAR. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research report on Monday, November 4th. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. decreased their price target on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Citigroup boosted their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 20th. Finally, Truist Financial boosted their price target on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus target price of $117.64.

Insider Buying and Selling at PACCAR

In related news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the sale, the vice president now directly owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This trade represents a 13.67 % 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 in the last 90 days. 2.02% of the stock is owned by company insiders.

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.