Short Interest in PACCAR Inc (NASDAQ:PCAR) Declines By 24.4%

PACCAR Inc (NASDAQ:PCAR) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 8,460,000 shares, a drop of 24.4% from the December 15th total of 11,190,000 shares. Based on an average daily volume of 2,370,000 shares, the short-interest ratio is presently 3.6 days.

PACCAR Trading Down 0.5 %

NASDAQ:PCAR traded down $0.57 during mid-day trading on Wednesday, hitting $109.63. The company had a trading volume of 2,062,875 shares, compared to its average volume of 2,210,886. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. PACCAR has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The firm has a market cap of $57.48 billion, a P/E ratio of 12.25, a P/E/G ratio of 1.77 and a beta of 0.93. The business’s fifty day moving average is $111.37 and its two-hundred day moving average is $103.89.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The business had revenue of $8.24 billion for the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. PACCAR’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.34 EPS. As a group, research analysts expect that PACCAR will post 7.98 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were given a $3.00 dividend. The ex-dividend date was Friday, December 20th. This is a boost from PACCAR’s previous dividend of $0.89. PACCAR’s dividend payout ratio is currently 14.75%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Truist Financial boosted their price objective on PACCAR from $107.00 to $110.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Finally, Citigroup dropped their price objective on shares of PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, PACCAR currently has a consensus rating of “Hold” and an average price target of $119.96.

Insiders Place Their Bets

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now directly owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $107.00, for a total transaction of $1,058,658.00. Following the sale, the senior vice president now owns 7,121 shares of the company’s stock, valued at $761,947. This trade represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock worth $6,358,552 over the last quarter. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCAR. CVA Family Office LLC raised its position in shares of PACCAR by 13.3% during the third quarter. CVA Family Office LLC now owns 827 shares of the company’s stock worth $82,000 after purchasing an additional 97 shares during the period. Global Financial Private Client LLC increased its stake in PACCAR by 1.0% during the 4th quarter. Global Financial Private Client LLC now owns 9,716 shares of the company’s stock worth $1,011,000 after purchasing an additional 97 shares in the last quarter. Omnia Family Wealth LLC raised its holdings in PACCAR by 2.5% during the 3rd quarter. Omnia Family Wealth LLC now owns 3,993 shares of the company’s stock worth $394,000 after buying an additional 98 shares during the period. Grove Bank & Trust lifted its stake in PACCAR by 28.4% in the third quarter. Grove Bank & Trust now owns 466 shares of the company’s stock valued at $46,000 after buying an additional 103 shares in the last quarter. Finally, Insight Wealth Partners LLC boosted its holdings in shares of PACCAR by 1.4% in the third quarter. Insight Wealth Partners LLC now owns 7,700 shares of the company’s stock valued at $760,000 after buying an additional 104 shares during the period. 64.90% of the stock is currently owned by institutional investors.

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.