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

Freedom Investment Management Inc. cut its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 34.0% in the third quarter, according to the company in its most recent 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 quarter. Freedom Investment Management Inc.’s holdings in PACCAR were worth $776,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PCAR. Massachusetts Financial Services Co. MA grew its holdings in shares of PACCAR by 47.8% during 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 purchasing an additional 3,296,146 shares during the period. Renaissance Technologies LLC purchased a new position in shares of PACCAR during the 2nd quarter worth $88,437,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of PACCAR during the 2nd quarter worth $51,277,000. Squarepoint Ops LLC grew its holdings in shares of PACCAR by 3,019.7% during the 2nd quarter. Squarepoint Ops LLC now owns 442,564 shares of the company’s stock worth $45,558,000 after purchasing an additional 428,378 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of PACCAR during the 2nd quarter worth $39,238,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,191 shares of the firm’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 owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Harrie Schippers sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $106.93, for a total value of $2,138,600.00. Following the transaction, the chief financial officer now owns 105,558 shares in the company, valued at $11,287,316.94. This represents a 15.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,315 shares of company stock worth $6,358,552 in the last quarter. 2.02% of the stock is owned by insiders.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $116.18 on Friday. 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 Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The firm has a market capitalization of $60.91 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.82 and a beta of 0.89. The stock’s 50-day simple moving average is $107.28 and its 200-day simple moving average is $103.28.

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

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.03%. PACCAR’s dividend payout ratio is presently 13.41%.

Analyst Ratings Changes

PCAR has been the topic of several research reports. BNP Paribas raised PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley decreased their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Citigroup increased their target price on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Truist Financial increased their price target on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $117.64.

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.