Victory Capital Management Inc. Has $44.11 Million Stock Holdings in PACCAR Inc. $PCAR

Victory Capital Management Inc. decreased its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 17.0% during the 3rd quarter, Holdings Channel reports. The firm owned 448,671 shares of the company’s stock after selling 91,912 shares during the quarter. Victory Capital Management Inc.’s holdings in PACCAR were worth $44,113,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. JT Stratford LLC bought a new stake in shares of PACCAR in the 2nd quarter valued at $1,301,000. National Pension Service boosted its stake in PACCAR by 5.5% during the third quarter. National Pension Service now owns 939,146 shares of the company’s stock worth $92,337,000 after acquiring an additional 48,711 shares in the last quarter. AE Wealth Management LLC boosted its stake in PACCAR by 29.1% during the third quarter. AE Wealth Management LLC now owns 39,594 shares of the company’s stock worth $3,893,000 after acquiring an additional 8,932 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in PACCAR by 77.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 238,074 shares of the company’s stock worth $22,631,000 after purchasing an additional 103,664 shares during the period. Finally, Vanguard Group Inc. increased its stake in PACCAR by 0.8% in the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock valued at $6,205,117,000 after purchasing an additional 485,678 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PCAR shares. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Morgan Stanley set a $109.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a report on Tuesday, February 3rd. Sanford C. Bernstein reiterated an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $133.00 to $142.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $116.50.

PACCAR Stock Down 2.4%

Shares of NASDAQ:PCAR opened at $120.43 on Friday. The business’s 50 day moving average is $122.05 and its 200 day moving average is $108.60. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $131.88. The stock has a market cap of $63.33 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 1.01 and a beta of 1.03. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, meeting analysts’ consensus estimates of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the prior year, the firm posted $1.66 EPS. PACCAR’s quarterly revenue was down 15.1% compared to the same quarter last year. On average, sell-side analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th were issued a $0.33 dividend. The ex-dividend date was Wednesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.27%.

Insider Buying and Selling

In related news, EVP Kevin D. Baney sold 9,672 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the transaction, the executive vice president directly owned 12,592 shares of the company’s stock, valued at $1,593,265.76. This trade represents a 43.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO R Preston Feight sold 9,258 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total transaction of $1,200,762.60. Following the transaction, the chief executive officer owned 258,566 shares in the company, valued at approximately $33,536,010.20. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 133,105 shares of company stock valued at $16,869,046 over the last 90 days. 2.02% of the stock is currently owned by company insiders.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.