Hennessy Advisors Inc. trimmed its holdings in PACCAR Inc (NASDAQ:PCAR) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 42,100 shares of the company’s stock after selling 1,400 shares during the period. Hennessy Advisors Inc.’s holdings in PACCAR were worth $2,871,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Flinton Capital Management LLC grew its stake in PACCAR by 30.6% in the 2nd quarter. Flinton Capital Management LLC now owns 56,976 shares of the company’s stock valued at $3,530,000 after acquiring an additional 13,360 shares during the last quarter. Standard Life Aberdeen plc grew its stake in PACCAR by 17.9% in the 2nd quarter. Standard Life Aberdeen plc now owns 127,423 shares of the company’s stock valued at $7,896,000 after acquiring an additional 19,376 shares during the last quarter. Garde Capital Inc. grew its stake in PACCAR by 6.0% in the 2nd quarter. Garde Capital Inc. now owns 13,275 shares of the company’s stock valued at $823,000 after acquiring an additional 750 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in PACCAR by 2.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 132,924 shares of the company’s stock valued at $8,237,000 after acquiring an additional 3,194 shares during the last quarter. Finally, Royal London Asset Management Ltd. acquired a new stake in PACCAR in the 2nd quarter valued at about $9,769,000. 61.07% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on the stock. BMO Capital Markets cut shares of PACCAR from an “outperform” rating to a “market perform” rating and set a $80.00 price objective on the stock. in a research note on Wednesday, July 18th. BidaskClub raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 28th. Zacks Investment Research raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Tuesday, June 26th. ValuEngine cut shares of PACCAR from a “hold” rating to a “sell” rating in a research note on Wednesday, June 20th. Finally, Robert W. Baird cut shares of PACCAR from a “neutral” rating to an “underperform” rating in a research note on Monday, July 2nd. Five research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $71.64.
In other news, insider Darrin C. Siver sold 5,750 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $64.46, for a total transaction of $370,645.00. Following the transaction, the insider now directly owns 22,596 shares in the company, valued at approximately $1,456,538.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Douglas S. Grandstaff sold 580 shares of the stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $65.90, for a total transaction of $38,222.00. Following the transaction, the vice president now owns 5,891 shares in the company, valued at $388,216.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,634 shares of company stock worth $625,510. Insiders own 2.64% of the company’s stock.
PACCAR stock opened at $62.13 on Friday. PACCAR Inc has a 12-month low of $59.82 and a 12-month high of $79.69. The stock has a market cap of $23.90 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.05 and a beta of 1.25. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 2.52.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 24th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.16. The company had revenue of $5.47 billion for the quarter, compared to analysts’ expectations of $5.39 billion. PACCAR had a net margin of 9.39% and a return on equity of 22.68%. The firm’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same period last year, the company earned $1.06 EPS. As a group, equities research analysts expect that PACCAR Inc will post 6.03 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Stockholders of record on Tuesday, November 13th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 9th. This represents a $1.12 annualized dividend and a dividend yield of 1.80%. PACCAR’s payout ratio is currently 26.29%.
PACCAR declared that its Board of Directors has authorized a stock buyback program on Monday, July 9th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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