Truist Financial Corp Sells 3,760 Shares of PACCAR Inc. $PCAR

Truist Financial Corp cut its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 11.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,390 shares of the company’s stock after selling 3,760 shares during the quarter. Truist Financial Corp’s holdings in PACCAR were worth $2,699,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PCAR. E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of PACCAR by 666.7% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company’s stock worth $27,000 after buying an additional 240 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in shares of PACCAR during the first quarter worth approximately $29,000. Bayforest Capital Ltd lifted its holdings in shares of PACCAR by 234.2% during the first quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock worth $38,000 after buying an additional 274 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of PACCAR during the first quarter worth approximately $40,000. Finally, JFS Wealth Advisors LLC lifted its holdings in shares of PACCAR by 64.9% during the first quarter. JFS Wealth Advisors LLC now owns 442 shares of the company’s stock worth $43,000 after buying an additional 174 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Price Performance

PACCAR stock opened at $95.22 on Friday. The business’s 50-day simple moving average is $98.80 and its 200 day simple moving average is $95.59. The stock has a market cap of $50.00 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 3.90 and a beta of 0.94. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57.

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

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 annualized dividend and a yield of 1.4%. PACCAR’s dividend payout ratio is presently 22.60%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PCAR. JPMorgan Chase & Co. upped their target price on PACCAR from $95.00 to $97.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Argus upgraded PACCAR from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research note on Monday, July 28th. UBS Group upgraded PACCAR from a “sell” rating to a “neutral” rating and upped their target price for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Wall Street Zen upgraded PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Citigroup upped their target price on PACCAR from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.59.

Insider Transactions at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer owned 468 shares of the company’s stock, valued at $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares in the company, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.02% of the company’s stock.

PACCAR Company Profile

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.