Westpac Banking Corp Sells 437 Shares of PACCAR Inc. (NASDAQ:PCAR)

Westpac Banking Corp reduced its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 59.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 296 shares of the company’s stock after selling 437 shares during the quarter. Westpac Banking Corp’s holdings in PACCAR were worth $29,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PCAR. Brighton Jones LLC grew its stake in shares of PACCAR by 0.3% during the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock valued at $9,258,000 after purchasing an additional 290 shares during the period. Raymond James Financial Inc. bought a new stake in shares of PACCAR during the 4th quarter valued at about $30,440,000. Rockefeller Capital Management L.P. grew its stake in shares of PACCAR by 4.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 16,577 shares of the company’s stock valued at $1,731,000 after purchasing an additional 764 shares during the period. Townsquare Capital LLC grew its stake in shares of PACCAR by 1.8% during the 4th quarter. Townsquare Capital LLC now owns 11,332 shares of the company’s stock valued at $1,179,000 after purchasing an additional 199 shares during the period. Finally, Synovus Financial Corp grew its stake in shares of PACCAR by 2.1% during the 4th quarter. Synovus Financial Corp now owns 9,085 shares of the company’s stock valued at $945,000 after purchasing an additional 186 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PCAR. Citigroup lifted their price objective on PACCAR from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, June 24th. Evercore ISI lowered their price objective on PACCAR from $127.00 to $115.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. UBS Group raised PACCAR from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Royal Bank Of Canada lowered their price objective on PACCAR from $106.00 to $97.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Nine equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, PACCAR has an average rating of “Moderate Buy” and a consensus price target of $107.77.

PACCAR Stock Down 1.0%

NASDAQ PCAR opened at $99.69 on Friday. The stock has a market cap of $52.35 billion, a PE ratio of 17.07, a P/E/G ratio of 4.04 and a beta of 0.91. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The stock’s 50 day moving average is $96.24 and its 200 day moving average is $97.28. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.09. The business had revenue of $6.96 billion for the quarter, compared to analysts’ expectations of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.13 EPS. Research analysts predict that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR’s dividend payout ratio is 22.60%.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer directly owned 468 shares of the company’s stock, valued at $47,239.92. This represents a 91.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate insiders.

PACCAR 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.