Huntington National Bank Sells 335 Shares of PACCAR Inc (NASDAQ:PCAR)

Huntington National Bank cut its stake in PACCAR Inc (NASDAQ:PCAR) by 24.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,052 shares of the company’s stock after selling 335 shares during the period. Huntington National Bank’s holdings in PACCAR were worth $104,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PCAR. Quarry LP acquired a new position in shares of PACCAR during the second quarter valued at about $26,000. New Covenant Trust Company N.A. acquired a new position in PACCAR in the 1st quarter valued at approximately $27,000. Meeder Asset Management Inc. raised its holdings in PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of PACCAR in the 2nd quarter worth approximately $36,000. Finally, Fortitude Family Office LLC grew its holdings in shares of PACCAR by 200.0% during the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after purchasing an additional 244 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

PACCAR Stock Down 2.4 %

Shares of PCAR opened at $112.26 on Monday. The company has a market capitalization of $58.86 billion, a P/E ratio of 12.54, a PEG ratio of 1.76 and a beta of 0.89. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50. The business’s 50 day simple moving average is $104.03 and its 200-day simple moving average is $102.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter in the prior year, the business earned $2.34 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts predict that PACCAR Inc will post 7.98 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.07%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is presently 13.41%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial raised their target price on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $99.00 to $129.00 in a report on Wednesday, November 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research report on Monday, November 4th. JPMorgan Chase & Co. dropped their price target on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, Morgan Stanley decreased their price objective on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $116.55.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now owns 171,776 shares in the company, valued at $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harrie Schippers sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $106.93, for a total value of $2,138,600.00. Following the completion of the transaction, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,315 shares of company stock valued at $6,358,552. Insiders own 2.02% of the company’s stock.

PACCAR Profile

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.