Envestnet Asset Management Inc. Sells 56,065 Shares of PACCAR Inc. $PCAR

Envestnet Asset Management Inc. trimmed its position in PACCAR Inc. (NASDAQ:PCAR) by 10.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 495,842 shares of the company’s stock after selling 56,065 shares during the period. Envestnet Asset Management Inc.’s holdings in PACCAR were worth $47,135,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its position in shares of PACCAR by 53.8% in the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock worth $28,000 after buying an additional 100 shares in the last quarter. Bayforest Capital Ltd grew its position in 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 in the last quarter. Accent Capital Management LLC bought a new position in PACCAR in the 1st quarter worth about $40,000. Marshall & Sullivan Inc. WA purchased a new stake in shares of PACCAR in the 2nd quarter valued at about $43,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of PACCAR in the 1st quarter valued at about $58,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Performance

PACCAR stock opened at $98.40 on Friday. The firm has a fifty day simple moving average of $98.53 and a two-hundred day simple moving average of $96.05. The company has a quick ratio of 1.51, a current ratio of 1.82 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The company has a market capitalization of $51.67 billion, a PE ratio of 19.26, a P/E/G ratio of 4.11 and a beta of 0.94.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The company had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.23 billion. During the same period last year, the business posted $1.85 earnings per share. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. Research analysts expect that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be given a $0.33 dividend. The ex-dividend date is Wednesday, November 12th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR’s payout ratio is presently 25.83%.

Insiders Place Their Bets

In other news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the completion of the sale, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,338.20. This represents a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 22nd. Zacks Research cut shares of PACCAR from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Argus raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Monday, July 28th. Finally, Truist Financial upped their target price on shares of PACCAR from $97.00 to $108.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $106.59.

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.