PNC Financial Services Group Inc. Has $11.92 Million Stock Position in PACCAR Inc. $PCAR

PNC Financial Services Group Inc. cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 65.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,426 shares of the company’s stock after selling 239,020 shares during the period. PNC Financial Services Group Inc.’s holdings in PACCAR were worth $11,923,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PCAR. Hazlett Burt & Watson Inc. increased its stake in shares of PACCAR by 53.8% during the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock worth $28,000 after purchasing an additional 100 shares during the period. Bayforest Capital Ltd grew its holdings in PACCAR by 234.2% in the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock valued at $38,000 after buying an additional 274 shares in the last quarter. Accent Capital Management LLC bought a new position in PACCAR during the 1st quarter worth $40,000. Hantz Financial Services Inc. lifted its holdings in shares of PACCAR by 43.8% during the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock worth $42,000 after buying an additional 134 shares in the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new stake in shares of PACCAR in the second quarter valued at about $43,000. Institutional investors own 64.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wells Fargo & Company began coverage on shares of PACCAR in a research report on Thursday. They set a “positive” rating and a $106.00 price target on the stock. Wall Street Zen downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Vertical Research upgraded PACCAR to a “strong-buy” rating in a research note on Wednesday, July 23rd. Raymond James Financial restated a “market perform” rating on shares of PACCAR in a research note on Tuesday, October 21st. Finally, Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, PACCAR currently has an average rating of “Hold” and an average target price of $106.54.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the transaction, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,338.20. This represents a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.02% of the company’s stock.

PACCAR Stock Down 1.0%

NASDAQ PCAR opened at $95.59 on Friday. The business has a fifty day moving average price of $98.22 and a two-hundred day moving average price of $96.69. The stock has a market capitalization of $50.20 billion, a PE ratio of 18.71, a PEG ratio of 4.11 and a beta of 0.95. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.82 and a quick ratio of 1.51.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $6.23 billion. During the same quarter in the previous year, the business posted $1.85 EPS. The company’s revenue for the quarter was down 20.7% on a year-over-year basis. Equities analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 annualized dividend and a yield of 1.4%. PACCAR’s payout ratio is presently 25.83%.

PACCAR Company Profile

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.