Wedbush Securities Inc. Cuts Stock Holdings in PACCAR Inc. $PCAR

Wedbush Securities Inc. reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 51.9% during the second quarter, Holdings Channel reports. The institutional investor owned 6,860 shares of the company’s stock after selling 7,403 shares during the quarter. Wedbush Securities Inc.’s holdings in PACCAR were worth $824,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Paladin Partners LLC bought a new position in PACCAR during the 2nd quarter worth approximately $27,000. MCF Advisors LLC increased its stake in shares of PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after buying an additional 92 shares during the period. Fiduciary Financial Advisors bought a new stake in PACCAR during the 2nd quarter valued at $28,000. Compass Financial Management LLC purchased a new stake in PACCAR during the 2nd quarter valued at $28,000. Finally, Steph & Co. purchased a new stake in PACCAR during the 1st quarter valued at $29,000. Institutional investors own 64.90% of the company’s stock.

Insider Buying and Selling at PACCAR

In other news, VP Paulo Henrique Bolgar sold 2,897 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the sale, the vice president directly owned 3,831 shares of the company’s stock, valued at $512,970.90. This represents a 43.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO R Preston Feight sold 50,975 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the transaction, the chief executive officer owned 268,625 shares of the company’s stock, valued at approximately $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 56,842 shares of company stock worth $7,565,677. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

PCAR has been the topic of a number of analyst reports. Citigroup boosted their price objective on shares of PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Wells Fargo & Company boosted their price target on PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Truist Financial upped their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. increased their price objective on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 price objective on PACCAR in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $131.70.

PACCAR Stock Performance

PACCAR stock opened at $122.45 on Wednesday. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $139.24. The stock’s 50 day simple moving average is $127.54 and its two-hundred day simple moving average is $121.82. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The stock has a market cap of $64.45 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 0.98 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 earnings per share. As a group, analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s payout ratio is 29.41%.

About PACCAR

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.