Brookstone Capital Management boosted its stake in shares of PACCAR Inc (NASDAQ:PCAR – Get Rating) by 96.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,765 shares of the company’s stock after purchasing an additional 11,657 shares during the quarter. Brookstone Capital Management’s holdings in PACCAR were worth $1,927,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of PCAR. Norges Bank bought a new stake in shares of PACCAR during the 4th quarter worth about $287,028,000. Wellington Management Group LLP boosted its holdings in shares of PACCAR by 249.2% during the first quarter. Wellington Management Group LLP now owns 3,845,387 shares of the company’s stock worth $338,663,000 after acquiring an additional 2,744,040 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of PACCAR by 17.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 8,980,211 shares of the company’s stock valued at $790,887,000 after purchasing an additional 1,334,765 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of PACCAR by 383.6% during the first quarter. Prudential Financial Inc. now owns 1,555,223 shares of the company’s stock worth $136,968,000 after purchasing an additional 1,233,650 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in PACCAR by 113.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,931,741 shares of the company’s stock worth $170,130,000 after purchasing an additional 1,025,284 shares during the last quarter. 64.17% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have commented on PCAR shares. Credit Suisse Group upped their price objective on PACCAR from $102.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $106.00 to $94.00 and set an “overweight” rating for the company in a research note on Tuesday, July 12th. Cowen decreased their target price on shares of PACCAR from $100.00 to $92.00 in a research report on Thursday, July 7th. Vertical Research downgraded shares of PACCAR from a “buy” rating to a “hold” rating and lifted their price target for the company from $100.00 to $102.00 in a research report on Wednesday, August 17th. Finally, Citigroup raised their price objective on PACCAR from $88.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $95.21.
PACCAR Trading Down 0.9 %
PACCAR (NASDAQ:PCAR – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.26. PACCAR had a return on equity of 18.64% and a net margin of 8.68%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same quarter in the previous year, the company posted $1.41 EPS. PACCAR’s quarterly revenue was up 26.0% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc will post 7.73 earnings per share for the current fiscal year.
PACCAR Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 15th will be given a $0.37 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Monday, November 14th. PACCAR’s dividend payout ratio is 21.45%.
In related news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $91.50, for a total value of $183,000.00. Following the completion of the sale, the vice president now directly owns 2,119 shares in the company, valued at $193,888.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.05% of the company’s stock.
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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