Drive Wealth Management LLC Sells 117 Shares of PACCAR Inc. $PCAR

Drive Wealth Management LLC reduced its position in PACCAR Inc. (NASDAQ:PCAR) by 4.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,538 shares of the company’s stock after selling 117 shares during the quarter. Drive Wealth Management LLC’s holdings in PACCAR were worth $241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in PACCAR by 20.1% in the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock worth $1,964,725,000 after acquiring an additional 3,379,165 shares during the last quarter. Pacer Advisors Inc. boosted its position in PACCAR by 2,957.4% during the first quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company’s stock worth $205,469,000 after purchasing an additional 2,041,168 shares during the period. The Manufacturers Life Insurance Company boosted its position in PACCAR by 177.9% during the first quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company’s stock worth $255,187,000 after purchasing an additional 1,677,736 shares during the period. Jones Financial Companies Lllp increased its stake in shares of PACCAR by 16,393.9% in the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock worth $139,402,000 after purchasing an additional 1,422,992 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of PACCAR in the first quarter valued at approximately $125,566,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Activity at PACCAR

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

PACCAR Price Performance

NASDAQ:PCAR opened at $97.48 on Tuesday. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81. The stock has a fifty day moving average of $98.48 and a 200 day moving average of $95.48. 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 firm has a market capitalization of $51.19 billion, a price-to-earnings ratio of 16.69, a P/E/G ratio of 3.87 and a beta of 0.94.

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

PACCAR Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently commented on the stock. Vertical Research raised shares of PACCAR to a “strong-buy” rating in a report on Wednesday, July 23rd. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Argus upgraded PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price objective on the stock in a research note on Monday, July 28th. Evercore ISI set a $114.00 price objective on PACCAR and gave the stock an “outperform” rating in a report on Tuesday, August 19th. Finally, Truist Financial set a $97.00 target price on PACCAR and gave the company a “hold” rating in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.14.

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.