Raymond James Financial Inc. Invests $30.44 Million in PACCAR Inc (NASDAQ:PCAR)

Raymond James Financial Inc. bought a new stake in PACCAR Inc (NASDAQ:PCAR) in the fourth quarter, Holdings Channel reports. The institutional investor bought 292,639 shares of the company’s stock, valued at approximately $30,440,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Everence Capital Management Inc. bought a new position in shares of PACCAR during the 4th quarter worth about $1,984,000. Cullen Frost Bankers Inc. raised its position in PACCAR by 8.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company’s stock worth $8,916,000 after purchasing an additional 6,494 shares in the last quarter. LPL Financial LLC lifted its stake in PACCAR by 6.1% during the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company’s stock worth $22,094,000 after purchasing an additional 12,143 shares during the period. Insight Wealth Strategies LLC boosted its holdings in PACCAR by 21.6% during the fourth quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company’s stock valued at $4,061,000 after purchasing an additional 6,936 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of PACCAR by 19.3% in the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the company’s stock valued at $138,000 after purchasing an additional 214 shares during the period. 64.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PCAR has been the subject of several analyst reports. Citigroup cut their target price on PACCAR from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Melius upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Tuesday, March 18th. Bank of America upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and increased their target price for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. Evercore ISI reduced their price target on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Finally, Melius Research set a $120.00 price objective on shares of PACCAR in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PACCAR currently has an average rating of “Hold” and a consensus target price of $108.59.

Insider Activity

In other PACCAR news, VP Michael K. Walton sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now owns 951 shares in the company, valued at approximately $100,929.63. This trade 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 accessible through the SEC website. Also, EVP Darrin C. Siver sold 103,671 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $111.56, for a total value of $11,565,536.76. Following the completion of the sale, the executive vice president now directly owns 61,005 shares of the company’s stock, valued at approximately $6,805,717.80. This trade represents a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,547 shares of company stock valued at $18,261,908 in the last 90 days. 2.02% of the stock is owned by company insiders.

PACCAR Trading Up 1.6 %

Shares of PCAR opened at $88.17 on Friday. The stock’s fifty day simple moving average is $99.45 and its 200-day simple moving average is $105.82. The firm has a market capitalization of $46.28 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96. PACCAR Inc has a 12-month low of $85.10 and a 12-month high of $118.81. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. As a group, research analysts predict that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were given a dividend of $0.33 per share. This is a boost from PACCAR’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.50%. PACCAR’s payout ratio is presently 16.69%.

PACCAR Company 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.