PACCAR Inc. $PCAR Holdings Trimmed by CX Institutional

CX Institutional trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,031 shares of the company’s stock after selling 210 shares during the period. CX Institutional’s holdings in PACCAR were worth $478,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of PACCAR by 20.1% during the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock valued at $1,964,725,000 after buying an additional 3,379,165 shares during the period. Pacer Advisors Inc. boosted its stake in shares of PACCAR by 2,957.4% during the 1st quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company’s stock valued at $205,469,000 after buying an additional 2,041,168 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of PACCAR by 177.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company’s stock valued at $255,187,000 after buying an additional 1,677,736 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of PACCAR by 16,393.9% during the 1st quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock valued at $139,402,000 after buying an additional 1,422,992 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of PACCAR during the 1st quarter valued at $125,566,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCAR has been the subject of a number of research reports. Truist Financial decreased their target price on shares of PACCAR from $102.00 to $98.00 and set a “hold” rating for the company in a research note on Wednesday, July 23rd. Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the company an “outperform” rating in a research note on Tuesday, August 19th. UBS Group raised shares of 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 note on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a “strong-buy” rating in a research note on Wednesday, July 23rd. Finally, Argus upgraded PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price target for the company in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.68.

PACCAR Stock Up 5.2%

PACCAR stock opened at $100.50 on Friday. The firm has a market cap of $52.77 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 3.84 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The firm has a fifty day moving average price of $99.08 and a two-hundred day moving average price of $95.70.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.09. The firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The business’s revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.13 EPS. As a group, analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 dividend on an annualized basis and a yield of 1.3%. PACCAR’s payout ratio is currently 22.60%.

Insiders Place Their Bets

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

About PACCAR

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.