Gateway Investment Advisers LLC Cuts Holdings in PACCAR Inc (PCAR)

Gateway Investment Advisers LLC decreased its position in shares of PACCAR Inc (NASDAQ:PCAR) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,913 shares of the company’s stock after selling 1,419 shares during the period. Gateway Investment Advisers LLC’s holdings in PACCAR were worth $1,016,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Berman Capital Advisors LLC bought a new position in PACCAR during the 4th quarter worth $43,000. Lindbrook Capital LLC bought a new position in PACCAR during the 4th quarter worth $47,000. Synovus Financial Corp increased its position in PACCAR by 1,116.5% during the 4th quarter. Synovus Financial Corp now owns 1,253 shares of the company’s stock worth $72,000 after buying an additional 1,150 shares during the period. Massey Quick Simon & CO. LLC bought a new position in PACCAR during the 4th quarter worth $77,000. Finally, Kinneret Advisory LLC bought a new position in PACCAR during the 4th quarter worth $99,000. Hedge funds and other institutional investors own 62.50% of the company’s stock.

Shares of NASDAQ PCAR opened at $71.43 on Wednesday. The company has a current ratio of 2.33, a quick ratio of 2.18 and a debt-to-equity ratio of 0.75. PACCAR Inc has a 52 week low of $53.43 and a 52 week high of $72.89. The firm has a market capitalization of $24.40 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.30 and a beta of 1.24.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 29th. The company reported $1.65 EPS for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.08. PACCAR had a return on equity of 25.01% and a net margin of 9.34%. The company had revenue of $5.93 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the business earned $1.18 earnings per share. PACCAR’s revenue was up 15.8% on a year-over-year basis. As a group, equities analysts anticipate that PACCAR Inc will post 6.43 EPS for the current year.

In related news, insider R Preston Feight sold 3,226 shares of the firm’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $68.73, for a total value of $221,722.98. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP David J. Danforth sold 1,500 shares of the firm’s stock in a transaction on Friday, February 1st. The stock was sold at an average price of $64.99, for a total value of $97,485.00. Following the completion of the transaction, the vice president now owns 6,571 shares in the company, valued at approximately $427,049.29. The disclosure for this sale can be found here. Insiders sold 61,989 shares of company stock worth $4,160,345 in the last 90 days. 2.32% of the stock is owned by company insiders.

PCAR has been the topic of several recent research reports. JPMorgan Chase & Co. cut PACCAR from a “neutral” rating to an “underweight” rating and set a $54.00 price objective on the stock. in a research report on Thursday, January 10th. Zacks Investment Research cut PACCAR from a “buy” rating to a “hold” rating in a research report on Monday, April 8th. Piper Jaffray Companies increased their price objective on PACCAR to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 5th. They noted that the move was a valuation call. Robert W. Baird upgraded PACCAR from a “neutral” rating to an “outperform” rating and set a $66.32 price objective on the stock in a research report on Thursday, February 7th. Finally, Vertical Research cut PACCAR from a “hold” rating to a “sell” rating in a research report on Monday, January 7th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $67.73.

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PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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