E Fund Management Co. Ltd. Raises Stock Holdings in PACCAR Inc. (NASDAQ:PCAR)

Key Points

• E Fund Management Co. Ltd. increased its stake in PACCAR Inc. by 98.3% in Q1, now holding 14,815 shares worth approximately $1.44 million.
• PACCAR's recent earnings report showed an EPS of $1.37, surpassing estimates, though its revenue of $6.96 billion was below analyst expectations.
• The company declared a dividend of $0.33 per share, with an annual yield of 1.3%, to be paid on September 4th to shareholders of record.

E Fund Management Co. Ltd. lifted its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 98.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,815 shares of the company's stock after acquiring an additional 7,345 shares during the period. E Fund Management Co. Ltd.'s holdings in PACCAR were worth $1,443,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in PACCAR by 1.8% during the first quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after buying an additional 1,113,520 shares during the period. Massachusetts Financial Services Co. MA increased its position in PACCAR by 9.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock worth $1,144,578,000 after buying an additional 987,805 shares during the period. Northern Trust Corp increased its position in PACCAR by 8.5% during the fourth quarter. Northern Trust Corp now owns 7,202,358 shares of the company's stock worth $749,189,000 after buying an additional 565,967 shares during the period. Dimensional Fund Advisors LP increased its position in PACCAR by 5.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,006,859 shares of the company's stock worth $624,836,000 after buying an additional 313,292 shares during the period. Finally, Kovitz Investment Group Partners LLC increased its position in PACCAR by 370.5% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after buying an additional 4,219,964 shares during the period. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Price Performance

PCAR stock traded down $1.47 on Friday, reaching $98.22. 1,830,450 shares of the company's stock were exchanged, compared to its average volume of 3,295,420. The stock has a fifty day moving average of $96.34 and a 200-day moving average of $97.12. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The firm has a market cap of $51.58 billion, a PE ratio of 16.82, a P/E/G ratio of 3.94 and a beta of 0.91. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The firm had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same quarter in the prior year, the company posted $2.13 earnings per share. PACCAR's quarterly revenue was down 15.7% on a year-over-year basis. As a group, equities analysts predict that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders 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 yield of 1.3%. The ex-dividend date is Thursday, August 14th. PACCAR's payout ratio is presently 22.60%.

Wall Street Analyst Weigh In

PCAR has been the topic of several research analyst reports. Citigroup lifted their price target on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a research note on Monday, July 28th. Truist Financial lowered their target price on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday, July 23rd. Wall Street Zen upgraded PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Evercore ISI lowered their target price on PACCAR from $127.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Nine analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $107.77.

Insiders Place Their Bets

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

PACCAR Profile

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.