Mackay Shields LLC Trims Stake in PACCAR Inc (NASDAQ:PCAR)

Mackay Shields LLC reduced its position in PACCAR Inc (NASDAQ:PCARGet Rating) by 3.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 49,955 shares of the company’s stock after selling 1,946 shares during the period. Mackay Shields LLC’s holdings in PACCAR were worth $4,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PCAR. BlackRock Inc. raised its stake in PACCAR by 1.2% during the 1st quarter. BlackRock Inc. now owns 24,024,912 shares of the company’s stock valued at $2,115,872,000 after acquiring an additional 273,389 shares during the last quarter. State Street Corp raised its stake in PACCAR by 0.7% during the 4th quarter. State Street Corp now owns 14,503,113 shares of the company’s stock valued at $1,301,496,000 after acquiring an additional 101,274 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in PACCAR by 17.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,980,211 shares of the company’s stock valued at $790,887,000 after acquiring an additional 1,334,765 shares during the last quarter. Geode Capital Management LLC raised its stake in PACCAR by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 6,568,605 shares of the company’s stock valued at $578,406,000 after acquiring an additional 176,010 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in PACCAR by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 3,750,183 shares of the company’s stock valued at $330,279,000 after acquiring an additional 66,161 shares during the last quarter. 64.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at PACCAR

In other PACCAR 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 transaction of $183,000.00. Following the sale, the vice president now owns 2,119 shares in the company, valued at approximately $193,888.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.05% of the stock is owned by insiders.

Analysts Set New Price Targets

PCAR has been the subject of several analyst reports. Credit Suisse Group upped their price objective on PACCAR from $102.00 to $104.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Cowen cut their target price on PACCAR from $100.00 to $92.00 in a research note on Thursday, July 7th. Morgan Stanley increased their target price on PACCAR from $75.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 27th. Vertical Research downgraded PACCAR from a “buy” rating to a “hold” rating and increased their target price for the stock from $100.00 to $102.00 in a research note on Wednesday, August 17th. Finally, Cowen cut their target price on PACCAR from $100.00 to $92.00 in a research note on Thursday, July 7th. One 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.21.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $86.33 on Friday. The business’s fifty day moving average price is $87.62 and its two-hundred day moving average price is $86.46. The stock has a market cap of $30.02 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.36 and a current ratio of 2.62. PACCAR Inc has a one year low of $77.00 and a one year high of $97.56.

PACCAR (NASDAQ:PCARGet Rating) last announced its earnings results on Tuesday, July 26th. The company reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.26. The firm 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 quarterly revenue was up 26.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.41 EPS. On average, analysts forecast that PACCAR Inc will post 7.73 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Shareholders of record on Wednesday, August 17th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Tuesday, August 16th. PACCAR’s dividend payout ratio (DPR) is presently 21.45%.

About PACCAR

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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