Carnegie Capital Asset Management LLC cut its stake in shares of PACCAR Inc (NASDAQ:PCAR – Get Rating) by 8.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,761 shares of the company’s stock after selling 955 shares during the period. Carnegie Capital Asset Management LLC’s holdings in PACCAR were worth $960,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Unison Advisors LLC boosted its stake in shares of PACCAR by 2.1% in the second quarter. Unison Advisors LLC now owns 22,623 shares of the company’s stock valued at $1,863,000 after purchasing an additional 476 shares during the period. Allworth Financial LP lifted its holdings in PACCAR by 42.0% in the 2nd quarter. Allworth Financial LP now owns 761 shares of the company’s stock worth $63,000 after buying an additional 225 shares in the last quarter. Hudson Capital Management LLC boosted its position in PACCAR by 7.7% in the 2nd quarter. Hudson Capital Management LLC now owns 28,912 shares of the company’s stock valued at $2,381,000 after buying an additional 2,055 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of PACCAR by 60.2% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 34,625 shares of the company’s stock valued at $2,851,000 after acquiring an additional 13,016 shares in the last quarter. Finally, Exane Derivatives purchased a new stake in shares of PACCAR during the second quarter worth about $340,000. Hedge funds and other institutional investors own 64.17% of the company’s stock.
Insider Buying and Selling
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 shares were 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 directly owns 2,119 shares in the company, valued at $193,888.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.05% of the stock is currently owned by company insiders.
PACCAR Stock Performance
PACCAR (NASDAQ:PCAR – Get Rating) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.26. PACCAR had a net margin of 8.68% and a return on equity of 18.64%. The firm 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 business posted $1.41 earnings per share. The firm’s quarterly revenue was up 26.0% compared to the same quarter last year. As a group, 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 given a $0.37 dividend. This is a positive change from PACCAR’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.74%. PACCAR’s dividend payout ratio (DPR) is 21.45%.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on PCAR shares. Deutsche Bank Aktiengesellschaft raised their price objective on PACCAR from $94.00 to $97.00 in a research note on Wednesday, July 27th. JPMorgan Chase & Co. dropped their price target 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 cut their price target on shares of PACCAR from $100.00 to $92.00 in a report on Thursday, July 7th. Vertical Research lowered shares of PACCAR from a “buy” rating to a “hold” rating and raised their price objective for the stock from $100.00 to $102.00 in a report on Wednesday, August 17th. Finally, Credit Suisse Group increased their price target on shares of PACCAR from $102.00 to $104.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PACCAR presently has a consensus rating of “Moderate Buy” and an average price target 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.
- Get a free copy of the StockNews.com research report on PACCAR (PCAR)
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