Selway Asset Management lessened its position in PACCAR Inc (NASDAQ:PCAR) by 4.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 36,895 shares of the company’s stock after selling 1,885 shares during the quarter. PACCAR makes up about 1.5% of Selway Asset Management’s investment portfolio, making the stock its 25th largest holding. Selway Asset Management’s holdings in PACCAR were worth $2,516,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Investors Inc. PA raised its stake in PACCAR by 9,286.5% during the second quarter. Federated Investors Inc. PA now owns 902,329 shares of the company’s stock valued at $55,908,000 after buying an additional 892,716 shares during the last quarter. Schroder Investment Management Group raised its stake in PACCAR by 934.2% during the second quarter. Schroder Investment Management Group now owns 869,356 shares of the company’s stock valued at $53,935,000 after buying an additional 785,295 shares during the last quarter. LSV Asset Management raised its stake in PACCAR by 486.7% during the second quarter. LSV Asset Management now owns 469,933 shares of the company’s stock valued at $29,117,000 after buying an additional 389,833 shares during the last quarter. FMR LLC raised its stake in PACCAR by 8.8% during the second quarter. FMR LLC now owns 4,794,270 shares of the company’s stock valued at $297,053,000 after buying an additional 389,659 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in PACCAR by 164.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 450,000 shares of the company’s stock valued at $30,686,000 after buying an additional 280,000 shares during the last quarter. Institutional investors own 61.28% of the company’s stock.
Shares of PCAR opened at $56.48 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.31 and a quick ratio of 1.05. PACCAR Inc has a one year low of $53.95 and a one year high of $79.69. The firm has a market capitalization of $19.39 billion, a P/E ratio of 13.26, a PEG ratio of 0.84 and a beta of 1.25.
PACCAR announced that its Board of Directors has approved a stock buyback program on Monday, July 9th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Tuesday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Friday, November 9th. PACCAR’s payout ratio is currently 26.29%.
In related news, insider Darrin C. Siver sold 5,750 shares of PACCAR stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $64.46, for a total value of $370,645.00. Following the completion of the sale, the insider now owns 22,596 shares of the company’s stock, valued at $1,456,538.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.64% of the company’s stock.
A number of research analysts have issued reports on PCAR shares. Zacks Investment Research cut PACCAR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 25th. BidaskClub upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, August 22nd. ValuEngine lowered PACCAR from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Wolfe Research lowered PACCAR from a “peer perform” rating to an “underperform” rating in a report on Friday, October 5th. Finally, Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating in a report on Monday, August 6th. Six investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $68.73.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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