Grimes & Company Inc. Decreases Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Grimes & Company Inc. cut its stake in PACCAR Inc (NASDAQ:PCAR) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,919 shares of the company’s stock after selling 1,277 shares during the period. Grimes & Company Inc.’s holdings in PACCAR were worth $1,344,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised its position in PACCAR by 53.3% during the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after acquiring an additional 4,669,172 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake 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 in the last quarter. JPMorgan Chase & Co. raised its position in shares of PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after purchasing an additional 1,164,692 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in PACCAR in the 3rd quarter valued at approximately $63,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in PACCAR by 115.7% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company’s stock worth $106,047,000 after buying an additional 576,532 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCAR has been the topic of several recent research reports. Morgan Stanley reduced their price objective on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Bank of America upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and upped their target price for the company from $116.00 to $121.50 in a report on Tuesday, January 14th. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Citigroup reduced their price objective on shares of PACCAR from $125.00 to $115.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group cut shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Friday, December 6th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.23.

Insider Activity

In other news, CFO Harrie Schippers sold 20,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were 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 of the company’s stock, valued at approximately $11,287,316.94. This trade represents a 15.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at approximately $761,947. This trade represents a 58.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,085 shares of company stock valued at $6,012,070 in the last three months. Corporate insiders own 2.02% of the company’s stock.

PACCAR Trading Down 0.1 %

Shares of PCAR opened at $109.90 on Friday. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50. The firm has a market capitalization of $57.62 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 2.77 and a beta of 0.93. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. The stock’s fifty day simple moving average is $110.55 and its 200 day simple moving average is $104.33.

PACCAR Increases Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were issued a $3.00 dividend. This is an increase from PACCAR’s previous dividend of $0.89. The ex-dividend date was Friday, December 20th. PACCAR’s dividend payout ratio (DPR) is 13.41%.

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.