ING Groep NV Has $7.57 Million Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

ING Groep NV lowered its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 35.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 76,708 shares of the company’s stock after selling 41,354 shares during the period. ING Groep NV’s holdings in PACCAR were worth $7,570,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. New Covenant Trust Company N.A. acquired a new position in shares of PACCAR during the first quarter worth $27,000. Quarry LP bought a new position in PACCAR in the second quarter valued at about $26,000. Meeder Asset Management Inc. grew its holdings 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 during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of PACCAR in the second quarter valued at approximately $36,000. Finally, Fortitude Family Office LLC raised 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 last quarter. 64.90% of the stock is currently owned by institutional investors.

PACCAR Trading Down 2.4 %

NASDAQ:PCAR opened at $112.26 on Friday. The firm has a fifty day simple moving average of $103.65 and a two-hundred day simple moving average of $102.83. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The stock has a market capitalization of $58.86 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.83 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54.

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

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s payout ratio is 13.41%.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. This trade represents a 13.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the transaction, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock worth $6,358,552 in the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on PCAR shares. StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lowered their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $116.55.

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.