Pitcairn Co. acquired a new position in shares of PACCAR Inc (NASDAQ:PCAR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,971 shares of the company’s stock, valued at approximately $223,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. MCF Advisors LLC purchased a new position in shares of PACCAR in the 1st quarter worth about $46,000. Ellevest Inc. boosted its holdings in shares of PACCAR by 56.8% in the 1st quarter. Ellevest Inc. now owns 784 shares of the company’s stock worth $48,000 after buying an additional 284 shares during the last quarter. Enterprise Financial Services Corp raised its stake in PACCAR by 146.2% in the 1st quarter. Enterprise Financial Services Corp now owns 1,056 shares of the company’s stock valued at $65,000 after acquiring an additional 627 shares during the period. Ropes Wealth Advisors LLC raised its stake in PACCAR by 620.7% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,081 shares of the company’s stock valued at $81,000 after acquiring an additional 931 shares during the period. Finally, Cerebellum GP LLC bought a new stake in PACCAR in the 2nd quarter valued at about $78,000. 61.39% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on PCAR. JPMorgan Chase & Co. boosted their price objective on PACCAR from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. ValuEngine upgraded PACCAR from a “sell” rating to a “hold” rating in a research note on Thursday, June 25th. Raymond James boosted their price objective on PACCAR from $90.00 to $95.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 22nd. Citigroup boosted their price objective on PACCAR from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Cowen upgraded PACCAR to a “hold” rating and boosted their price objective for the company from $65.00 to $83.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $85.21.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.12. PACCAR had a return on equity of 16.85% and a net margin of 7.95%. The company had revenue of $2.70 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the firm earned $1.78 earnings per share. PACCAR’s revenue was down 56.9% on a year-over-year basis. Analysts expect that PACCAR Inc will post 3.29 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be issued a dividend of $0.32 per share. This is a positive change from PACCAR’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, August 10th. This represents a $1.28 annualized dividend and a dividend yield of 1.50%. PACCAR’s payout ratio is presently 18.63%.
In other PACCAR news, VP Todd R. Hubbard sold 7,416 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $85.90, for a total value of $637,034.40. Following the completion of the sale, the vice president now owns 9,430 shares of the company’s stock, valued at $810,037. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Harrie Schippers sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $86.04, for a total value of $344,160.00. Following the completion of the sale, the chief financial officer now directly owns 41,515 shares of the company’s stock, valued at approximately $3,571,950.60. The disclosure for this sale can be found here. Insiders have sold 23,574 shares of company stock valued at $2,019,488 in the last three months. 2.18% of the stock is owned by insiders.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
Read More: Hedge Funds – Risk or Reward?
Receive News & Ratings for PACCAR Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PACCAR and related companies with MarketBeat.com's FREE daily email newsletter.