Malaga Cove Capital LLC Boosts Stake in PACCAR Inc (NASDAQ:PCAR)

Malaga Cove Capital LLC grew its position in PACCAR Inc (NASDAQ:PCAR) by 55.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,816 shares of the company’s stock after acquiring an additional 1,724 shares during the quarter. Malaga Cove Capital LLC’s holdings in PACCAR were worth $475,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

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 stock was 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 in the company, valued at $328,353.47. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO R Preston Feight sold 27,191 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was 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 in the company, valued at approximately $328,353.47. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,315 shares of company stock worth $6,358,552. Insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $116.01 on Thursday. PACCAR Inc has a 52-week low of $85.14 and a 52-week high of $125.50. The stock has a market capitalization of $60.82 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.64 and a beta of 0.89. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The firm’s 50-day moving average price is $101.21 and its two-hundred day moving average price is $102.66.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the business posted $2.34 earnings per share. As a group, sell-side analysts forecast that PACCAR Inc will post 8 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. 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

PCAR has been the topic of a number of recent research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research report on Monday. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price objective on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Truist Financial lifted their target price on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $113.82.

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.