Neuberger Berman Group LLC Decreases Stock Holdings in PACCAR Inc. $PCAR

Neuberger Berman Group LLC trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 86.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 48,443 shares of the company’s stock after selling 305,607 shares during the quarter. Neuberger Berman Group LLC’s holdings in PACCAR were worth $4,763,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in PACCAR by 0.8% in the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock valued at $6,205,117,000 after acquiring an additional 485,678 shares in the last quarter. State Street Corp lifted its holdings in shares of PACCAR by 1.0% during the 2nd quarter. State Street Corp now owns 22,534,596 shares of the company’s stock valued at $2,142,139,000 after purchasing an additional 218,188 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock valued at $1,184,112,000 after purchasing an additional 159,632 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after purchasing an additional 1,165,443 shares in the last quarter. Finally, Invesco Ltd. grew its stake in PACCAR by 5.0% during the 2nd quarter. Invesco Ltd. now owns 5,212,386 shares of the company’s stock worth $495,489,000 after buying an additional 246,410 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Trading Down 2.4%

PACCAR stock opened at $120.43 on Friday. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $131.88. The company has a market capitalization of $63.33 billion, a price-to-earnings ratio of 26.70, a price-to-earnings-growth ratio of 1.01 and a beta of 1.03. The stock has a 50-day moving average price of $122.05 and a 200 day moving average price of $108.60.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the company earned $1.66 EPS. PACCAR’s quarterly revenue was down 15.1% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, February 11th. PACCAR’s dividend payout ratio (DPR) is currently 29.27%.

Insider Buying and Selling

In other PACCAR news, EVP C Michael Dozier sold 79,076 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total value of $10,115,401.92. Following the sale, the executive vice president owned 34,656 shares in the company, valued at approximately $4,433,195.52. This represents a 69.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the transaction, the chief financial officer directly owned 903 shares of the company’s stock, valued at approximately $117,760.23. This trade represents a 70.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 133,105 shares of company stock valued at $16,869,046 in the last three months. 2.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on PCAR. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Truist Financial increased their price objective on shares of PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. Wells Fargo & Company set a $119.00 target price on shares of PACCAR and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Citigroup upped their price target on shares of PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Thursday, January 29th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, PACCAR has an average rating of “Hold” and a consensus target price of $116.50.

PACCAR Company 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.