Envestnet Portfolio Solutions Inc. Trims Stock Position in PACCAR Inc. $PCAR

Envestnet Portfolio Solutions Inc. cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.3% during the second quarter, HoldingsChannel.com reports. The fund owned 12,946 shares of the company’s stock after selling 585 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in PACCAR were worth $1,231,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PCAR. Wellington Management Group LLP increased its position in shares of PACCAR by 20.1% during the first 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 period. Pacer Advisors Inc. increased its position in shares of 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 acquiring an additional 2,041,168 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of 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 acquiring an additional 1,677,736 shares during the period. Jones Financial Companies Lllp increased its position in shares of PACCAR by 16,393.9% during the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock worth $139,402,000 after acquiring an additional 1,422,992 shares during the period. Finally, Nuveen LLC purchased a new position in shares of PACCAR during the first quarter worth approximately $125,566,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO R Preston Feight sold 39,965 shares of the company’s stock in a transaction dated 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 transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brice J. Poplawski sold 5,000 shares of the company’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the transaction, the chief financial officer directly owned 468 shares in the company, valued at $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company’s stock.

PACCAR Price Performance

NASDAQ PCAR opened at $94.69 on Friday. The firm’s fifty day simple moving average is $98.48 and its two-hundred day simple moving average is $95.41. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81. The firm has a market capitalization of $49.72 billion, a P/E ratio of 16.21, a P/E/G ratio of 3.87 and a beta of 0.94.

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

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be given a dividend of $0.33 per share. 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 dividend payout ratio is currently 22.60%.

Analyst Upgrades and Downgrades

PCAR has been the topic of a number of research reports. Evercore ISI set a $114.00 target price on shares of PACCAR and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of PACCAR in a research note on Wednesday, October 8th. Citigroup increased their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, June 24th. Wall Street Zen upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of PACCAR from $97.00 to $103.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PACCAR currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.14.

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.