Commerzbank Aktiengesellschaft FI Purchases New Stake in PACCAR Inc. $PCAR

Key Points

• Commerzbank Aktiengesellschaft FI acquired 12,287 PACCAR shares worth approximately $1.48 million during the second quarter. Institutional investors collectively own 64.9% of PACCAR.
• PACCAR reported quarterly EPS of $1.43, beating estimates of $1.36, while revenue reached $7.55 billion—above the $7.05 billion consensus estimate and up 0.5% year over year.
• Insiders sold 56,842 shares worth about $7.57 million over the past 90 days. PACCAR also declared a quarterly dividend of $0.35 per share, representing a 1.1% yield, while analysts maintain a consensus “Hold” rating with an average price target of $131.70.

Commerzbank Aktiengesellschaft FI acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,287 shares of the company's stock, valued at approximately $1,476,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. boosted its position in shares of PACCAR by 2.4% during the fourth 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 during the last quarter. Geode Capital Management LLC lifted 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 valued at $1,350,867,000 after acquiring an additional 50,622 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PACCAR by 0.6% during 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 during the last quarter. Merit Financial Group LLC grew its stake in shares of 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. Finally, Swiss Life Asset Management Ltd raised its holdings in shares of PACCAR by 118.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company's stock valued at $69,943,000 after purchasing an additional 345,937 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 50,975 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 268,625 shares of the company's stock, valued at approximately $35,745,928.75. This trade represents a 15.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paulo Henrique Bolgar sold 2,897 shares of PACCAR stock in a transaction that occurred on Friday, July 31st. The shares were 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 of the company's stock, 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 have sold 56,842 shares of company stock worth $7,565,677 over the last ninety days. Company insiders own 1.99% of the company's stock.

PACCAR Price Performance

PACCAR stock opened at $128.02 on Wednesday. The business's 50 day simple moving average is $125.73 and its 200 day simple moving average is $121.76. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The company has a market cap of $67.38 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.04 and a beta of 0.97. 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 (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same period in the previous year, the company posted $1.37 earnings per share. The business's revenue was up .5% on a year-over-year basis. Sell-side analysts forecast that PACCAR Inc. will post 5.85 EPS for the current year.

PACCAR Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PCAR shares. Evercore set a $139.00 price target on shares of PACCAR in a report on Monday, May 11th. Morgan Stanley set a $119.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Weiss Ratings cut shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Citigroup boosted their target price on PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $131.70.

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