Parallel Advisors LLC Lowers Stock Holdings in PACCAR Inc. $PCAR

Parallel Advisors LLC reduced its position in PACCAR Inc. (NASDAQ:PCAR) by 7.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,597 shares of the company’s stock after selling 637 shares during the quarter. Parallel Advisors LLC’s holdings in PACCAR were worth $722,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PCAR. Zevenbergen Capital Investments LLC boosted its stake in PACCAR by 3.5% in the second quarter. Zevenbergen Capital Investments LLC now owns 23,645 shares of the company’s stock worth $2,248,000 after buying an additional 810 shares in the last quarter. Insight Wealth Strategies LLC boosted its position in PACCAR by 11.7% during the second quarter. Insight Wealth Strategies LLC now owns 44,150 shares of the company’s stock valued at $4,336,000 after buying an additional 4,612 shares during the period. AG2R LA Mondiale Gestion D Actifs bought a new position in shares of PACCAR during the first quarter valued at about $1,895,000. Swedbank AB increased its holdings in shares of PACCAR by 7.4% in the first quarter. Swedbank AB now owns 356,885 shares of the company’s stock worth $34,750,000 after buying an additional 24,663 shares during the period. Finally, Voya Investment Management LLC lifted its stake in shares of PACCAR by 10.1% in the 1st quarter. Voya Investment Management LLC now owns 174,249 shares of the company’s stock valued at $16,967,000 after acquiring an additional 16,039 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. UBS Group raised PACCAR from a “sell” rating to a “neutral” rating and increased their price objective for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Evercore ISI set a $114.00 price target on shares of PACCAR and gave the company an “outperform” rating in a report on Tuesday, August 19th. JPMorgan Chase & Co. increased their target price on shares of PACCAR from $95.00 to $97.00 and gave the stock a “neutral” rating in a report on Wednesday, July 23rd. Vertical Research raised PACCAR to a “strong-buy” rating in a research note on Wednesday, July 23rd. Finally, Citigroup boosted their price target on PACCAR from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $107.68.

PACCAR Trading Up 0.6%

Shares of NASDAQ PCAR opened at $101.42 on Friday. The firm’s 50 day moving average price is $98.77 and its 200-day moving average price is $96.04. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The company has a market cap of $53.26 billion, a PE ratio of 17.37, a P/E/G ratio of 4.05 and a beta of 0.94.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter last year, the firm earned $2.13 earnings per share. The firm’s quarterly revenue was down 15.7% compared to the same quarter last year. On average, equities research analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, November 12th. PACCAR’s dividend payout ratio (DPR) is presently 22.60%.

Insider Activity

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of the company’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the transaction, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. This represents a 91.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company’s stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, 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.