Vanguard Group Inc. Cuts Holdings in PACCAR Inc. $PCAR

Vanguard Group Inc. trimmed its position in PACCAR Inc. (NASDAQ:PCAR) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,625,766 shares of the company’s stock after selling 370,163 shares during the quarter. Vanguard Group Inc. owned about 11.93% of PACCAR worth $5,953,205,000 at the end of the most recent reporting period.

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

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares in the company, valued at $47,338.20. This represents a 87.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PCAR. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. JPMorgan Chase & Co. upped their target price on shares of PACCAR from $103.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, October 22nd. Raymond James Financial reaffirmed a “market perform” rating on shares of PACCAR in a report on Tuesday, October 21st. Truist Financial lifted their price target on PACCAR from $97.00 to $108.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company began coverage on PACCAR in a research note on Thursday, November 13th. They set a “positive” rating and a $106.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $106.54.

PACCAR Price Performance

PCAR opened at $97.00 on Wednesday. The business has a fifty day moving average of $98.13 and a 200 day moving average of $96.81. The stock has a market cap of $50.94 billion, a P/E ratio of 18.98, a PEG ratio of 4.11 and a beta of 0.95. 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 52-week low of $84.65 and a 52-week high of $118.81.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The firm’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.85 earnings per share. As a group, sell-side analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

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. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR’s payout ratio is 25.83%.

PACCAR 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.