Oppenheimer Asset Management Inc. Increases Stake in PACCAR Inc. $PCAR

Oppenheimer Asset Management Inc. grew its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 67.5% in the second quarter, Holdings Channel reports. The institutional investor owned 147,522 shares of the company’s stock after buying an additional 59,436 shares during the period. Oppenheimer Asset Management Inc.’s holdings in PACCAR were worth $14,023,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in PACCAR by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company’s stock worth $6,133,914,000 after buying an additional 1,113,520 shares during the last quarter. Wellington Management Group LLP raised its position in PACCAR by 20.1% during the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock worth $1,964,725,000 after buying an additional 3,379,165 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in PACCAR by 9.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company’s stock worth $1,144,578,000 after buying an additional 987,805 shares during the last quarter. Northern Trust Corp raised its position in PACCAR by 0.5% during the 1st quarter. Northern Trust Corp now owns 7,239,967 shares of the company’s stock worth $704,956,000 after buying an additional 37,609 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in PACCAR by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,104,056 shares of the company’s stock worth $594,277,000 after buying an additional 97,197 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares of the company’s stock, valued at $22,211,868.80. This trade represents a 15.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.02% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Vertical Research upgraded shares of PACCAR to a “strong-buy” rating in a research report on Wednesday, July 23rd. Morgan Stanley set a $90.00 price target on shares of PACCAR in a report on Tuesday, October 21st. Wall Street Zen downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a report on Saturday. Evercore ISI set a $114.00 price target on shares of PACCAR and gave the company an “outperform” rating in a report on Tuesday, August 19th. Finally, Wolfe Research upgraded shares of PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, PACCAR presently has a consensus rating of “Hold” and a consensus target price of $106.59.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $100.13 on Monday. The stock has a market cap of $52.58 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 4.18 and a beta of 0.94. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The company’s 50-day moving average price is $98.52 and its 200 day moving average price is $95.79. The company has a current ratio of 1.82, a quick ratio of 1.51 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The business had revenue of $6.67 billion during the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. PACCAR’s revenue was down 20.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.85 earnings per share. As a group, research analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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

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.