Ameriprise Financial Inc. Decreases Stock Holdings in PACCAR Inc. $PCAR

Key Points

• Ameriprise Financial Inc. has reduced its stake in PACCAR Inc. by 17.7%, now holding 694,114 shares worth approximately $67.6 million.
• Citigroup has raised its target price for PACCAR's stock from $95.00 to $100.00, while JPMorgan Chase & Co. increased their target to $97.00 with a "neutral" rating.
• PACCAR announced a quarterly dividend of $0.33 per share, representing a 1.3% dividend yield, payable to stockholders of record on August 14th.

Ameriprise Financial Inc. reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 694,114 shares of the company's stock after selling 149,771 shares during the period. Ameriprise Financial Inc. owned 0.13% of PACCAR worth $67,586,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PCAR. E Fund Management Hong Kong Co. Ltd. boosted its stake in PACCAR by 666.7% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock worth $27,000 after buying an additional 240 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in shares of PACCAR during the 1st quarter worth $29,000. Sunbelt Securities Inc. boosted its position in shares of PACCAR by 8,750.0% during the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock valued at $37,000 after acquiring an additional 350 shares during the last quarter. Bayforest Capital Ltd grew its holdings in shares of PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after purchasing an additional 274 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of PACCAR in the first quarter valued at about $40,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on PCAR shares. Citigroup boosted their target price on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wall Street Zen raised shares of PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Evercore ISI set a $114.00 price objective on PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Truist Financial cut their target price on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their target price on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $107.68.

PACCAR Trading Down 0.3%

PCAR opened at $100.25 on Wednesday. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $97.21 and a 200-day simple moving average of $96.67. The firm has a market cap of $52.64 billion, a P/E ratio of 17.17, a P/E/G ratio of 4.04 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its 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 return on equity of 18.25% and a net margin of 9.88%.The firm had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same quarter in the prior year, the company earned $2.13 EPS. PACCAR's revenue was down 15.7% on a year-over-year basis. On average, equities analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's dividend payout ratio is currently 22.60%.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the transaction, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.02% of the company's stock.

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.

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