Allspring Cuts PACCAR Stake by 37.9% to $2.42M as Dividend Set at $0.33
Allspring Global Investments reduced its stake in PACCAR by 37.9% to 24,807 shares, valued at $2.424 million at quarter-end. PACCAR declared a $0.33 quarterly dividend payable March 4 to shareholders of record February 11, translating to a 1.1% yield.
1. Institutional Investor Stake Reduction
Allspring Global Investments Holdings LLC reduced its position in PACCAR Inc. by 37.9% during the third quarter, selling 15,138 shares and ending the period with a holding of 24,807 shares valued at $2.42 million. This divestiture contrasts with other institutional moves: Private Wealth Management Group LLC increased its stake by 293.1%, adding 211 shares for a total of 283; Hazlett Burt & Watson Inc. boosted its holding by 53.8%, acquiring 100 additional shares to reach 286; Bayforest Capital Ltd expanded its position by 234.2% with 274 new shares, totaling 391; and Hantz Financial Services Inc. grew its stake by 43.8%, purchasing 134 shares to hold 440 in aggregate. Marshall & Sullivan Inc. WA initiated a new position valued at $43,000. Overall, institutions now own 64.90% of PACCAR stock.
2. Analyst Ratings and Target Adjustments
Research firms have recently updated their views on the company’s outlook. Morgan Stanley and Jefferies Financial Group both maintained their target at $90.00, with Jefferies reiterating a hold recommendation. Truist Financial raised its objective from $97.00 to $108.00 while maintaining a hold stance. Sanford C. Bernstein reaffirmed an outperform rating with a $125.00 target, and Wolfe Research upgraded PACCAR’s rating from underperform to peer perform. Among analysts covering the stock, two assign a strong buy, seven recommend buy and ten rate it hold, yielding a consensus moderate buy stance and an average target of $111.04.
3. Dividend Policy and Key Financial Metrics
PACCAR’s board declared a quarterly dividend of $0.33 per share, payable March 4, to shareholders of record on February 11, representing an annualized payout of $1.32 and a distribution ratio of 25.83%. At the end of the most recent quarter, the company reported a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91. Its 52-week range spans from a low of $84.65 to a high of $119.21. The stock’s 50-day and 200-day moving averages stand at $106.37 and $100.93 respectively, while the firm’s market capitalization is approximately $62.1 billion, with a P/E ratio of 23.13, a P/E/G ratio of 14.34 and a beta of 1.01.