Shellback Capital LP Takes $11.88 Million Position in PACCAR Inc (NASDAQ:PCAR)

Shellback Capital LP purchased a new position in shares of PACCAR Inc (NASDAQ:PCAR) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 114,158 shares of the company’s stock, valued at approximately $11,875,000.

Several other institutional investors and hedge funds have also made changes to their positions in PCAR. JPMorgan Chase & Co. lifted its holdings in shares of PACCAR by 49.6% in the third quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock valued at $346,878,000 after purchasing an additional 1,164,692 shares in the last quarter. Brookstone Capital Management raised its position in shares of PACCAR by 632.7% during the 4th quarter. Brookstone Capital Management now owns 16,142 shares of the company’s stock worth $1,679,000 after purchasing an additional 13,939 shares during the last quarter. AdvisorNet Financial Inc raised its position in shares of PACCAR by 223.4% during the 4th quarter. AdvisorNet Financial Inc now owns 566 shares of the company’s stock worth $59,000 after purchasing an additional 391 shares during the last quarter. Retireful LLC purchased a new stake in PACCAR in the 4th quarter valued at approximately $716,000. Finally, Decker Retirement Planning Inc. acquired a new stake in PACCAR during the 4th quarter valued at $1,096,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on PCAR. Morgan Stanley downgraded PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price target for the company. in a research report on Wednesday, April 16th. Truist Financial dropped their price objective on PACCAR from $113.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. StockNews.com upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Citigroup reduced their price objective on shares of PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, UBS Group cut shares of PACCAR from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $108.00 to $78.00 in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.23.

Insider Buying and Selling at PACCAR

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

PACCAR Trading Up 1.4%

PCAR stock opened at $95.97 on Friday. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56. The company has a market cap of $50.38 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 2.77 and a beta of 0.96. The business has a fifty day simple moving average of $93.50 and a 200-day simple moving average of $103.93. PACCAR Inc has a 52 week low of $84.65 and a 52 week high of $118.81.

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

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $1.32 annualized dividend and a yield of 1.38%. PACCAR’s payout ratio is 20.00%.

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.