Corient Private Wealth LP Sells 54,413 Shares of PACCAR Inc. $PCAR

Key Points

• Corient Private Wealth reduced its PACCAR stake by 3.9% in the second quarter, selling 54,413 shares and retaining 1.35 million shares worth approximately $162.4 million. Institutional investors collectively own 64.9% of PACCAR.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from MarketBeat and an average price target of $133.91, although several firms recently raised their targets and RBC upgraded the stock to “outperform.”
• PACCAR exceeded quarterly expectations, reporting $1.43 in earnings per share and $7.55 billion in revenue. The company also maintains a quarterly dividend of $0.35 per share, equivalent to a 1.1% annualized yield.

Corient Private Wealth LP cut its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,352,123 shares of the company's stock after selling 54,413 shares during the period. Corient Private Wealth LP owned 0.26% of PACCAR worth $162,417,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PCAR. Compass Financial Management LLC acquired a new position in PACCAR in the second quarter valued at approximately $28,000. Paladin Partners LLC bought a new position in PACCAR during the second quarter worth $27,000. Fiduciary Financial Advisors bought a new stake in PACCAR in the second quarter valued at $28,000. Continuum Advisory LLC bought a new stake in PACCAR in the second quarter valued at $29,000. Finally, Steph & Co. acquired a new position in shares of PACCAR during the first quarter valued at about $29,000. Institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup raised their target price on PACCAR from $125.00 to $140.00 and gave the company 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. Royal Bank Of Canada raised PACCAR from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $130.00 to $150.00 in a research report on Thursday. Morgan Stanley set a $125.00 target price on PACCAR and gave the stock an "equal weight" rating in a report on Friday, September 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, PACCAR presently has a consensus rating of "Hold" and an average price target of $133.91.

PACCAR Stock Performance

Shares of PCAR stock opened at $122.73 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. The firm has a 50-day moving average of $128.07 and a 200-day moving average of $121.68. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The company has a market cap of $64.60 billion, a P/E ratio of 25.78, a P/E/G ratio of 1.40 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $7.05 billion. During the same period in the previous year, the company earned $1.37 earnings per share. The firm's revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc. will post 5.91 EPS for the current fiscal year.

PACCAR Announces Dividend

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

Insiders Place Their Bets

In other PACCAR news, VP Paulo Henrique Bolgar sold 2,897 shares of the business's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.90, for a total value of $387,908.30. Following the transaction, the vice president owned 3,831 shares of the company's stock, valued at approximately $512,970.90. The trade was a 43.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Lance Walters sold 1,000 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 56,842 shares of company stock valued at $7,565,677. Insiders own 1.99% of the company's stock.

About PACCAR

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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