Freestone Grove Partners LP Makes New $7.55 Million Investment in PACCAR Inc (NASDAQ:PCAR)

Freestone Grove Partners LP bought a new stake in PACCAR Inc (NASDAQ:PCAR) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 72,532 shares of the company’s stock, valued at approximately $7,545,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. boosted its stake in PACCAR by 221.8% in the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock worth $29,000 after purchasing an additional 193 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in PACCAR during the 4th quarter worth about $37,000. Kestra Investment Management LLC bought a new stake in PACCAR during the 4th quarter worth about $37,000. OFI Invest Asset Management acquired a new stake in PACCAR in the 4th quarter valued at about $43,000. Finally, Atala Financial Inc bought a new position in shares of PACCAR in the fourth quarter worth about $43,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. cut shares of PACCAR from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $105.00 to $90.00 in a research note on Wednesday. StockNews.com cut PACCAR from a “hold” rating to a “sell” rating in a research note on Thursday. Melius Research set a $120.00 price target on PACCAR in a research note on Tuesday, March 18th. Morgan Stanley lowered PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price objective for the company. in a research report on Wednesday, April 16th. Finally, UBS Group downgraded shares of PACCAR from a “neutral” rating to a “sell” rating and cut their target price for the company from $108.00 to $78.00 in a research report on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $107.23.

Insider Transactions at PACCAR

In related news, CFO Harrie Schippers sold 28,676 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the sale, the chief financial officer now directly owns 114,659 shares in the company, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now directly owns 951 shares of the company’s stock, valued at approximately $100,929.63. The trade was a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $89.90 on Friday. The firm’s 50 day simple moving average is $95.97 and its 200 day simple moving average is $104.82. PACCAR Inc has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a market capitalization of $47.19 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 2.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The firm had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the prior year, the business earned $2.27 earnings per share. The company’s revenue for the quarter was down 16.0% compared to the same quarter last year. As a group, sell-side analysts forecast that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.47%. PACCAR’s dividend payout ratio (DPR) is currently 16.69%.

About PACCAR

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.