Ancora Advisors LLC Cuts Stock Position in PACCAR Inc. $PCAR

Key Points

• Ancora Advisors cut its PACCAR position by 9.8% in the second quarter, selling 14,795 shares and retaining 135,584 shares valued at approximately $16.3 million. Institutional investors collectively own 64.9% of the company.
• PACCAR insiders sold 56,842 shares worth about $7.6 million over the past 90 days, including sales by the CFO and a vice president.
• Analysts maintain a consensus “Hold” rating with an average price target of $131.70. PACCAR recently beat quarterly earnings and revenue estimates and declared a quarterly dividend of $0.35 per share.

Ancora Advisors LLC trimmed its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 9.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,584 shares of the company's stock after selling 14,795 shares during the quarter. Ancora Advisors LLC's holdings in PACCAR were worth $16,286,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PCAR. Compass Financial Management LLC acquired a new position in PACCAR during the second quarter worth $28,000. Paladin Partners LLC purchased a new position in PACCAR during the second quarter valued at $27,000. Fiduciary Financial Advisors acquired a new stake in shares of PACCAR in the second quarter valued at about $28,000. Steph & Co. acquired a new stake in shares of PACCAR in the first quarter valued at about $29,000. Finally, MCF Advisors LLC increased its stake in shares of PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after purchasing an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insiders Place Their Bets

In other PACCAR news, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction dated 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 Securities & Exchange Commission, which is available through this link. Also, CFO Brice J. Poplawski sold 1,970 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the sale, the chief financial officer directly owned 1,391 shares in the company, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 over the last 90 days. Company insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PCAR. JPMorgan Chase & Co. boosted their price objective on PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Sanford C. Bernstein restated an "outperform" rating and issued a $148.00 target price on shares of PACCAR in a research report on Wednesday, July 29th. Citigroup lifted their price target on PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. Finally, Morgan Stanley set a $119.00 price objective on PACCAR in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, PACCAR currently has an average rating of "Hold" and an average price target of $131.70.

PACCAR Trading Down 1.0%

Shares of PCAR stock opened at $124.13 on Tuesday. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $139.24. The company's 50-day moving average price is $127.43 and its 200-day moving average price is $121.87. The stock has a market cap of $65.34 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 0.99 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. The firm had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR's revenue was up .5% compared to the same quarter last year. During the same period last year, the business earned $1.37 earnings per share. As a group, equities analysts predict that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR's dividend payout ratio is currently 29.41%.

PACCAR Company 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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