Shell Asset Management Co. raised its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 237.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,902 shares of the company’s stock after purchasing an additional 52,722 shares during the quarter. Shell Asset Management Co.’s holdings in PACCAR were worth $4,260,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of PCAR. Principal Financial Group Inc. increased its stake in PACCAR by 381.5% during the 2nd quarter. Principal Financial Group Inc. now owns 2,573,188 shares of the company’s stock valued at $169,932,000 after purchasing an additional 2,038,761 shares in the last quarter. BlackRock Inc. increased its stake in PACCAR by 6.6% during the 2nd quarter. BlackRock Inc. now owns 25,508,314 shares of the company’s stock valued at $1,684,572,000 after purchasing an additional 1,572,038 shares in the last quarter. Renaissance Technologies LLC acquired a new position in PACCAR during the 2nd quarter valued at approximately $82,298,000. Vanguard Group Inc. increased its stake in PACCAR by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 24,555,355 shares of the company’s stock valued at $1,621,636,000 after purchasing an additional 1,164,896 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in PACCAR by 59.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,660,654 shares of the company’s stock valued at $175,710,000 after purchasing an additional 991,171 shares in the last quarter. Institutional investors and hedge funds own 62.13% of the company’s stock.
A number of brokerages have issued reports on PCAR. Wells Fargo & Company upped their price target on shares of PACCAR from $74.00 to $77.00 and gave the company a “market perform” rating in a research note on Friday, October 6th. BMO Capital Markets restated a “buy” rating and set a $85.00 price target on shares of PACCAR in a research note on Friday. J P Morgan Chase & Co upgraded shares of PACCAR from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $83.00 in a research note on Wednesday, October 4th. Deutsche Bank AG restated a “hold” rating and set a $78.00 price target (up previously from $75.00) on shares of PACCAR in a research note on Monday, October 9th. Finally, ValuEngine lowered shares of PACCAR from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $75.84.
PACCAR Inc. (PCAR) opened at 74.92 on Monday. The stock has a market capitalization of $26.33 billion, a P/E ratio of 20.05 and a beta of 1.18. The firm’s 50-day moving average is $71.21 and its 200 day moving average is $67.00. PACCAR Inc. has a 12-month low of $53.38 and a 12-month high of $75.13.
PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.99 by $0.07. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.29 billion. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. Equities analysts expect that PACCAR Inc. will post $4.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 14th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.33%. PACCAR’s payout ratio is currently 26.74%.
In other PACCAR news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total transaction of $189,141.54. Following the sale, the insider now directly owns 20,800 shares in the company, valued at approximately $1,412,112. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.64% of the stock is currently owned by insiders.
PACCAR Company Profile
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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