Conning Inc. Cuts Stock Position in PACCAR Inc. $PCAR

Conning Inc. reduced its stake in PACCAR Inc. (NASDAQ:PCAR) by 3.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 3,700 shares of the company’s stock after selling 142 shares during the quarter. Conning Inc.’s holdings in PACCAR were worth $352,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Wellington Management Group LLP boosted its stake in PACCAR by 20.1% in the first quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock valued at $1,964,725,000 after acquiring an additional 3,379,165 shares during the last quarter. Pacer Advisors Inc. boosted its stake in PACCAR by 2,957.4% in the first quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company’s stock valued at $205,469,000 after acquiring an additional 2,041,168 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in PACCAR by 177.9% in the first quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company’s stock valued at $255,187,000 after purchasing an additional 1,677,736 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in PACCAR by 16,393.9% in the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock valued at $139,402,000 after purchasing an additional 1,422,992 shares during the last quarter. Finally, Nuveen LLC purchased a new position in PACCAR in the first quarter valued at approximately $125,566,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO R Preston Feight sold 39,965 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. This trade represents a 15.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brice J. Poplawski sold 5,000 shares of the firm’s stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. This trade represents a 91.44% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

NASDAQ PCAR opened at $93.00 on Friday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. The stock has a market capitalization of $48.83 billion, a PE ratio of 15.92, a P/E/G ratio of 3.79 and a beta of 0.94. The company’s 50 day simple moving average is $98.73 and its two-hundred day simple moving average is $95.52.

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 analysts’ consensus estimates of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The company had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter last year, the business posted $2.13 earnings per share. The firm’s revenue was down 15.7% compared to the same quarter last year. Analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. PACCAR’s dividend payout ratio (DPR) is presently 22.60%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Vertical Research raised PACCAR to a “strong-buy” rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $95.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday, July 23rd. Truist Financial set a $97.00 price objective on shares of PACCAR and gave the company a “hold” rating in a report on Wednesday. Finally, Evercore ISI set a $114.00 price target on shares of PACCAR and gave the company an “outperform” rating in a research note on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, PACCAR has an average rating of “Moderate Buy” and an average price target of $107.59.

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.