Wealthfront Advisers LLC Makes New Investment in PACCAR Inc. $PCAR

Wealthfront Advisers LLC acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 103,787 shares of the company’s stock, valued at approximately $12,467,000.

Several other hedge funds also recently modified their holdings of PCAR. BlackRock Inc. acquired a new stake in shares of PACCAR in the second quarter valued at about $4,927,720,000. Norges Bank acquired a new position in PACCAR during the fourth quarter valued at approximately $727,745,000. Bank of New York Mellon Corp bought a new position in PACCAR in the second quarter valued at approximately $453,107,000. Wellington Management Group LLP grew its stake in PACCAR by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after purchasing an additional 3,597,283 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $239,460,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Price Performance

NASDAQ:PCAR opened at $128.02 on Wednesday. The company has a market cap of $67.38 billion, a P/E ratio of 26.90, a P/E/G ratio of 1.04 and a beta of 0.97. The firm’s fifty day moving average price is $125.73 and its two-hundred day moving average price is $121.76. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter last year, the company posted $1.37 EPS. Equities analysts expect that PACCAR Inc. will post 5.85 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio is currently 29.41%.

Insider Activity at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the sale, the chief financial officer directly owned 1,391 shares in the company, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 56,842 shares of company stock valued at $7,565,677. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCAR has been the topic of a number of recent analyst reports. Citigroup boosted their target price on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Truist Financial increased their price target on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Sanford C. Bernstein restated an “outperform” rating and set a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $131.70.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.