NEOS Investment Management LLC Grows Holdings in PACCAR Inc. $PCAR

NEOS Investment Management LLC grew its position in PACCAR Inc. (NASDAQ:PCAR) by 10.2% in the second quarter, HoldingsChannel reports. The fund owned 399,423 shares of the company’s stock after acquiring an additional 36,979 shares during the quarter. NEOS Investment Management LLC’s holdings in PACCAR were worth $47,979,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of PACCAR during the 2nd quarter valued at about $4,927,720,000. Wellington Management Group LLP raised its holdings in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the period. State Street Corp boosted its position in PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares in the last quarter. Geode Capital Management LLC boosted its position in PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in PACCAR in the second quarter valued at approximately $1,130,496,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on PCAR shares. Morgan Stanley set a $119.00 price objective on PACCAR in a research report on Wednesday, July 29th. Truist Financial lifted their price target on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Sanford C. Bernstein restated an “outperform” rating and set a $148.00 price objective on shares of PACCAR in a research report on Wednesday, July 29th. Finally, Citigroup increased their price objective on shares of PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Price Performance

Shares of PACCAR stock opened at $124.51 on Friday. The business has a 50 day simple moving average of $127.70 and a two-hundred day simple moving average of $121.78. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The stock has a market capitalization of $65.54 billion, a P/E ratio of 26.16, a PEG ratio of 1.40 and a beta of 0.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90.

PACCAR (NASDAQ:PCAR) last released its 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 business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 earnings per share. As a group, analysts predict that PACCAR Inc. will post 5.89 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th were issued a $0.35 dividend. The ex-dividend date was Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR’s dividend payout ratio (DPR) is presently 29.41%.

Insider Transactions at PACCAR

In other PACCAR news, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the sale, the chief financial officer directly owned 1,391 shares of the company’s stock, valued at $184,307.50. The trade was a 58.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 56,842 shares of company stock worth $7,565,677. Company insiders own 1.99% of the company’s stock.

PACCAR Profile

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.