Ethic Inc. lifted its holdings in shares of PACCAR Inc (NASDAQ:PCAR – Get Rating) by 34.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,645 shares of the company’s stock after acquiring an additional 6,047 shares during the quarter. Ethic Inc.’s holdings in PACCAR were worth $2,082,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Strs Ohio raised its holdings in PACCAR by 248.8% in the first quarter. Strs Ohio now owns 36,649 shares of the company’s stock worth $3,227,000 after purchasing an additional 26,142 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in PACCAR by 30.6% in the first quarter. Los Angeles Capital Management LLC now owns 6,611 shares of the company’s stock worth $582,000 after purchasing an additional 1,550 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in PACCAR by 16.4% in the first quarter. IFM Investors Pty Ltd now owns 51,803 shares of the company’s stock worth $4,562,000 after purchasing an additional 7,315 shares in the last quarter. BlackRock Inc. raised its holdings in PACCAR by 1.2% in the first quarter. BlackRock Inc. now owns 24,024,912 shares of the company’s stock worth $2,115,872,000 after purchasing an additional 273,389 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in PACCAR by 3.1% in the first quarter. State of Tennessee Treasury Department now owns 99,588 shares of the company’s stock worth $8,771,000 after purchasing an additional 2,958 shares in the last quarter. Institutional investors own 64.17% of the company’s stock.
Insiders Place Their Bets
In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $91.50, for a total value of $183,000.00. Following the transaction, the vice president now directly owns 2,119 shares of the company’s stock, valued at $193,888.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.05% of the company’s stock.
PACCAR Trading Up 2.5 %
PACCAR (NASDAQ:PCAR – Get Rating) last released its quarterly earnings data on Tuesday, July 26th. The company reported $2.07 EPS for the quarter, beating the consensus estimate of $1.81 by $0.26. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.57 billion. PACCAR had a return on equity of 18.64% and a net margin of 8.68%. PACCAR’s revenue was up 26.0% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. On average, sell-side analysts predict that PACCAR Inc will post 7.73 EPS for the current year.
PACCAR Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Shareholders of record on Wednesday, August 17th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $1.36 annualized dividend and a yield of 1.54%. PACCAR’s payout ratio is 21.45%.
Analyst Upgrades and Downgrades
PCAR has been the subject of a number of research reports. Morgan Stanley increased their price objective on PACCAR from $75.00 to $81.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 27th. Vertical Research downgraded PACCAR from a “buy” rating to a “hold” rating and raised their price target for the company from $100.00 to $102.00 in a report on Wednesday, August 17th. JPMorgan Chase & Co. reduced their price target on PACCAR from $106.00 to $94.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Credit Suisse Group raised their price target on PACCAR from $102.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. Finally, Cowen reduced their price target on PACCAR from $100.00 to $92.00 in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PACCAR has an average rating of “Moderate Buy” and an average target price of $95.21.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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.
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