Amundi Boosts Holdings in PACCAR Inc. $PCAR

Key Points

• Amundi more than doubled its PACCAR stake in the second quarter, adding 1.67 million shares to own 3.20 million shares, or approximately 0.61% of the company valued at $384.1 million.
• PACCAR’s latest quarterly results exceeded expectations, with earnings of $1.43 per share versus the $1.36 consensus and revenue of $7.55 billion versus $7.05 billion expected.
• Analysts maintain a consensus “Hold” rating with a $132.30 price target, while PACCAR insiders sold 56,842 shares worth approximately $7.6 million over the past 90 days.

Amundi grew its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 108.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,197,359 shares of the company's stock after purchasing an additional 1,665,545 shares during the quarter. Amundi owned approximately 0.61% of PACCAR worth $384,066,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PCAR. Compass Financial Management LLC purchased a new position in shares of PACCAR in the second quarter valued at approximately $28,000. Paladin Partners LLC acquired a new stake in shares of PACCAR in the second quarter worth approximately $27,000. Fiduciary Financial Advisors purchased a new stake in shares of PACCAR during the second quarter worth approximately $28,000. Continuum Advisory LLC purchased a new stake in shares of PACCAR during the second quarter worth approximately $29,000. Finally, Steph & Co. purchased a new stake in shares of PACCAR during the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Transactions at PACCAR

In other PACCAR news, CEO R Feight sold 50,975 shares of the business's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the sale, the chief executive officer directly owned 268,625 shares in the company, valued at $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the stock in a transaction dated 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 in the company, valued at $184,307.50. This represents a 58.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 56,842 shares of company stock worth $7,565,677 in the last 90 days. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCAR. Truist Financial raised their price objective on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Citigroup upped their target price on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Evercore set a $139.00 target price on shares of PACCAR in a research report on Monday, May 11th. JPMorgan Chase & Co. increased their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $132.30.

PACCAR Price Performance

Shares of PCAR opened at $124.70 on Tuesday. The company's 50-day moving average price is $127.88 and its 200 day moving average price is $121.75. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $139.24. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The firm has a market cap of $65.64 billion, a P/E ratio of 26.20, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.05 billion. During the same period last year, the business earned $1.37 earnings per share. The business's revenue for the quarter was up .5% on a year-over-year basis. On average, sell-side analysts forecast that PACCAR Inc. will post 5.91 earnings per share for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.1%. PACCAR's dividend payout ratio is presently 29.41%.

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.

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