Mackay Shields LLC Decreases Position in PACCAR Inc (NASDAQ:PCAR)

Mackay Shields LLC lessened its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 58.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 71,720 shares of the company’s stock after selling 102,947 shares during the period. Mackay Shields LLC’s holdings in PACCAR were worth $5,021,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PCAR. BlackRock Inc. lifted its holdings in shares of PACCAR by 5.7% during the 2nd quarter. BlackRock Inc. now owns 27,314,209 shares of the company’s stock valued at $1,957,337,000 after purchasing an additional 1,462,333 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of PACCAR by 228.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,395,941 shares of the company’s stock valued at $100,033,000 after purchasing an additional 970,913 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of PACCAR by 140.5% during the 2nd quarter. First Trust Advisors LP now owns 1,169,778 shares of the company’s stock valued at $83,826,000 after purchasing an additional 683,432 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of PACCAR by 2.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,750,068 shares of the company’s stock valued at $913,670,000 after purchasing an additional 324,895 shares during the last quarter. Finally, Mengis Capital Management Inc. lifted its holdings in shares of PACCAR by 7,255.7% during the 2nd quarter. Mengis Capital Management Inc. now owns 286,871 shares of the company’s stock valued at $20,557,000 after purchasing an additional 282,971 shares during the last quarter. Hedge funds and other institutional investors own 63.42% of the company’s stock.

PCAR has been the subject of several analyst reports. Buckingham Research increased their price objective on PACCAR from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their target price on PACCAR from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Credit Suisse Group raised their target price on PACCAR from $74.00 to $76.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Wells Fargo & Co raised their target price on PACCAR from $72.00 to $75.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 23rd. Finally, BidaskClub upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Tuesday, October 29th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $71.64.

In other news, EVP Gary Lee Moore sold 39,695 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $75.81, for a total transaction of $3,009,277.95. Following the transaction, the executive vice president now directly owns 34,553 shares in the company, valued at approximately $2,619,462.93. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Douglas S. Grandstaff sold 1,320 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $76.02, for a total value of $100,346.40. Following the transaction, the vice president now owns 6,124 shares in the company, valued at $465,546.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,949 shares of company stock worth $8,207,798. Insiders own 2.32% of the company’s stock.

PCAR stock traded up $0.20 during midday trading on Friday, reaching $80.07. The stock had a trading volume of 1,099,800 shares, compared to its average volume of 1,830,361. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.23 and a current ratio of 2.39. PACCAR Inc has a 52-week low of $53.43 and a 52-week high of $80.57. The stock has a market cap of $27.56 billion, a PE ratio of 12.83, a P/E/G ratio of 1.68 and a beta of 1.25. The firm has a fifty day simple moving average of $72.20 and a two-hundred day simple moving average of $69.73.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.11. PACCAR had a return on equity of 26.11% and a net margin of 9.45%. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same period in the previous year, the firm posted $1.55 EPS. PACCAR’s revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that PACCAR Inc will post 6.79 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 12th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.60%. The ex-dividend date is Friday, November 8th. PACCAR’s payout ratio is 20.51%.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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