QRG Capital Management Inc. Sells 99,062 Shares of PACCAR Inc. $PCAR

QRG Capital Management Inc. decreased its holdings in PACCAR Inc. (NASDAQ:PCAR) by 41.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,850 shares of the company’s stock after selling 99,062 shares during the quarter. QRG Capital Management Inc.’s holdings in PACCAR were worth $13,947,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Evergreen Capital Management LLC increased its holdings in PACCAR by 2.2% in the 3rd quarter. Evergreen Capital Management LLC now owns 793,659 shares of the company’s stock valued at $78,033,000 after buying an additional 16,906 shares during the period. Insight Inv LLC boosted its position in shares of PACCAR by 10.6% during the 3rd quarter. Insight Inv LLC now owns 17,478 shares of the company’s stock worth $1,718,000 after acquiring an additional 1,681 shares in the last quarter. Nwam LLC increased its stake in PACCAR by 2.9% in the third quarter. Nwam LLC now owns 45,227 shares of the company’s stock valued at $4,512,000 after acquiring an additional 1,267 shares during the last quarter. Cairn Investment Group Inc. raised its position in PACCAR by 6.1% during the third quarter. Cairn Investment Group Inc. now owns 34,824 shares of the company’s stock valued at $3,424,000 after purchasing an additional 2,012 shares in the last quarter. Finally, Forbes J M & Co. LLP lifted its stake in PACCAR by 4.3% during the third quarter. Forbes J M & Co. LLP now owns 2,664 shares of the company’s stock worth $262,000 after purchasing an additional 111 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PCAR shares. Morgan Stanley lifted their price target on PACCAR from $93.00 to $102.00 and gave the company an “equal weight” rating in a research note on Tuesday. Zacks Research raised PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. JPMorgan Chase & Co. lifted their target price on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Citigroup restated a “neutral” rating and issued a $120.00 price target (up from $113.56) on shares of PACCAR in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $112.33.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total transaction of $340,774.35. Following the transaction, the chief financial officer owned 468 shares of the company’s stock, valued at $47,338.20. This represents a 87.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.02% of the company’s stock.

PACCAR Trading Down 0.5%

Shares of PCAR stock opened at $121.36 on Friday. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $122.65. The stock has a 50-day moving average of $108.94 and a 200-day moving average of $102.00. The stock has a market cap of $63.74 billion, a price-to-earnings ratio of 23.75, a PEG ratio of 15.03 and a beta of 1.01. The company has a current ratio of 3.12, a quick ratio of 2.91 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The business’s revenue was down 20.7% on a year-over-year basis. During the same period last year, the business posted $1.85 earnings per share. On average, equities research analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s payout ratio is 25.83%.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.