Verition Fund Management LLC bought a new stake in PACCAR Inc (NASDAQ:PCAR – Get Rating) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,422 shares of the company’s stock, valued at approximately $918,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Keybank National Association OH grew its position in PACCAR by 0.9% in the first quarter. Keybank National Association OH now owns 13,862 shares of the company’s stock valued at $1,221,000 after acquiring an additional 119 shares during the last quarter. Waldron Private Wealth LLC grew its position in PACCAR by 4.8% in the first quarter. Waldron Private Wealth LLC now owns 2,619 shares of the company’s stock valued at $230,000 after acquiring an additional 119 shares during the last quarter. Penserra Capital Management LLC grew its position in PACCAR by 8.2% in the first quarter. Penserra Capital Management LLC now owns 1,653 shares of the company’s stock valued at $145,000 after acquiring an additional 125 shares during the last quarter. Dupont Capital Management Corp grew its holdings in shares of PACCAR by 1.4% during the first quarter. Dupont Capital Management Corp now owns 9,809 shares of the company’s stock worth $864,000 after purchasing an additional 133 shares during the last quarter. Finally, McIlrath & Eck LLC grew its holdings in shares of PACCAR by 1.0% during the first quarter. McIlrath & Eck LLC now owns 13,675 shares of the company’s stock worth $1,204,000 after purchasing an additional 138 shares during the last quarter. Institutional investors own 64.17% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently weighed in on the company. Vertical Research cut PACCAR from a “buy” rating to a “hold” rating and boosted their price target for the stock 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 on the stock in a report on Tuesday, July 12th. Deutsche Bank Aktiengesellschaft boosted their price target on PACCAR from $94.00 to $97.00 in a report on Wednesday, July 27th. Citigroup boosted their price target on PACCAR from $88.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Finally, Credit Suisse Group boosted their price target on PACCAR from $102.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. One equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $95.21.
PACCAR Price Performance
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 firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.57 billion. PACCAR had a return on equity of 18.64% and a net margin of 8.68%. The company’s quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.41 earnings per share. On average, equities analysts anticipate that PACCAR Inc will post 7.73 EPS for the current year.
PACCAR Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Tuesday, November 15th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, November 14th. This represents a $1.48 annualized dividend and a yield of 1.73%. This is an increase from PACCAR’s previous quarterly dividend of $0.34. PACCAR’s dividend payout ratio is 21.45%.
Insider Buying and Selling
In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of the company’s 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 transaction, the vice president now owns 2,119 shares in the company, valued at approximately $193,888.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.05% of the stock is currently owned by corporate insiders.
PACCAR Company Profile
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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