Assenagon Asset Management S.A. Acquires 693,272 Shares of PACCAR Inc. $PCAR

Key Points

• Assenagon Asset Management increased its PACCAR holdings by 1,756.3%, purchasing 693,272 additional shares to own 732,745 shares valued at approximately $88 million. Institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in EPS on $7.55 billion in revenue, versus estimates of $1.36 EPS and $7.05 billion in revenue. The company also declared a quarterly dividend of $0.35 per share, yielding about 1.1% annually.
• Shares opened at $133.11, near the analyst consensus target of $131.70; analysts maintain a consensus “Hold” rating. Meanwhile, insiders sold 56,842 shares worth approximately $7.6 million over the past 90 days.

Assenagon Asset Management S.A. lifted its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 1,756.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 732,745 shares of the company's stock after purchasing an additional 693,272 shares during the quarter. Assenagon Asset Management S.A. owned 0.14% of PACCAR worth $88,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. lifted its position in shares of PACCAR by 2.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company's stock valued at $45,281,000 after buying an additional 9,524 shares in the last quarter. Merit Financial Group LLC increased its holdings in PACCAR by 165.8% in the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company's stock worth $2,663,000 after acquiring an additional 15,169 shares in the last quarter. Vanguard Group Inc. increased its holdings in PACCAR by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock worth $6,951,172,000 after acquiring an additional 363,782 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in PACCAR by 118.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company's stock worth $69,943,000 after acquiring an additional 345,937 shares during the period. Finally, Geode Capital Management LLC raised its stake in PACCAR by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after acquiring an additional 50,622 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Performance

NASDAQ PCAR opened at $133.11 on Friday. The business's 50 day moving average price is $123.62 and its 200-day moving average price is $121.33. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $139.24. The company has a market cap of $70.06 billion, a P/E ratio of 27.96, a P/E/G ratio of 1.05 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm's revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the company posted $1.37 EPS. Sell-side analysts predict that PACCAR Inc. will post 5.85 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is 29.41%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup upped their price target on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Evercore set a $139.00 price objective on shares of PACCAR in a research report on Monday, May 11th. Weiss Ratings cut shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. upped their target price on shares of PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Thursday, July 2nd. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $131.70.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston 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 value of $6,783,243.25. Following the completion of the sale, the chief executive officer directly owned 268,625 shares of the company's stock, valued at $35,745,928.75. The trade was a 15.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the transaction, the vice president owned 3,831 shares in the company, valued at $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 over the last ninety days. Company insiders own 1.99% of the company's stock.

About PACCAR

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source