Comerica Bank Cuts Position in PACCAR Inc. $PCAR

Key Points

• Comerica Bank has reduced its holdings in PACCAR Inc. by 4.0%, owning 147,148 shares after selling 6,091 shares, which were valued at approximately $14.3 million at the end of the last reporting period.
• CEO R Preston Feight sold 39,965 shares of PACCAR for nearly $3.98 million, resulting in a 15.19% decrease in his ownership, while the CFO also sold 5,000 shares representing a 91.44% decline in ownership.
• PACCAR reported quarterly earnings of $1.37 EPS, surpassing projections, although revenue fell 15.7% year-over-year, totaling $6.96 billion, slightly below analysts' expectations.

Comerica Bank lessened its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 147,148 shares of the company's stock after selling 6,091 shares during the quarter. Comerica Bank's holdings in PACCAR were worth $14,328,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Jump Financial LLC increased its position in PACCAR by 757.1% during the first quarter. Jump Financial LLC now owns 55,263 shares of the company's stock worth $5,381,000 after buying an additional 48,815 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in PACCAR by 1.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 48,956 shares of the company's stock worth $4,767,000 after buying an additional 741 shares during the last quarter. Allstate Corp increased its position in PACCAR by 46.3% during the first quarter. Allstate Corp now owns 22,566 shares of the company's stock worth $2,197,000 after buying an additional 7,141 shares during the last quarter. Compound Planning Inc. increased its position in PACCAR by 30.4% during the first quarter. Compound Planning Inc. now owns 5,963 shares of the company's stock worth $581,000 after buying an additional 1,389 shares during the last quarter. Finally, Norinchukin Bank The increased its position in PACCAR by 43.6% during the first quarter. Norinchukin Bank The now owns 42,939 shares of the company's stock worth $4,181,000 after buying an additional 13,032 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. The trade was a 15.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the transaction, the chief financial officer owned 468 shares of the company's stock, valued at $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Evercore ISI set a $114.00 target price on PACCAR and gave the company an "outperform" rating in a research report on Tuesday, August 19th. Royal Bank Of Canada cut their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Truist Financial dropped their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Finally, Argus raised PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR Stock Performance

PACCAR stock traded down $0.70 during mid-day trading on Friday, reaching $99.98. The company's stock had a trading volume of 2,225,815 shares, compared to its average volume of 2,854,216. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81. The company has a market capitalization of $52.50 billion, a P/E ratio of 17.12, a PEG ratio of 4.07 and a beta of 0.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The firm's fifty day moving average price is $97.62 and its two-hundred day moving average price is $96.66.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.09. The firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The business's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. Sell-side analysts predict that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Thursday, August 14th. PACCAR's payout ratio is 22.60%.

About PACCAR

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.