Should You Sell PACCAR (PCAR) Now?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -0.21% (net), compared to -0.65% for the Russell Midcap Growth Index. Strength in Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials sectors contributed to the performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like PACCAR Inc (NASDAQ:PCAR) in the Q3 2022 investor letter. Headquartered in Bellevue, Washington, PACCAR Inc (NASDAQ:PCAR) is a commercial truck manufacturer. On December 23, 2022, PACCAR Inc (NASDAQ:PCAR) stock closed at $100.55 per share. One-month return of PACCAR Inc (NASDAQ:PCAR) was -4.27% and its shares gained 18.36% of their value over the last 52 weeks. PACCAR Inc (NASDAQ:PCAR) has a market capitalization of $34.968 billion.

TimesSquare Capital made the following comment about PACCAR Inc (NASDAQ:PCAR) in its Q3 2022 investor letter:

PACCAR Inc (NASDAQ:PCAR) designs and manufactures light, medium, and heavy-duty commercial trucks. We decided to sell the position with a looming risk of European energy rationing that could impact manufacturing output this winter. Its shares edged forward by 3% for the time it was held in the quarter.”

Pixabay/Public Domain

PACCAR Inc (NASDAQ:PCAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held PACCAR Inc (NASDAQ:PCAR) at the end of the third quarter, which was 25 in the previous quarter.

We discussed PACCAR Inc (NASDAQ:PCAR) in another article and shared the best strong buy stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.