Engineers Gate Manager LP Purchases 10,784 Shares of PACCAR Inc. $PCAR

Key Points

• Engineers Gate Manager LP increased its PACCAR stake by 500.9% in the second quarter, purchasing 10,784 additional shares and bringing its holdings to 12,937 shares valued at approximately $1.55 million. Institutional investors own 64.9% of PACCAR.
• Analyst sentiment remains cautious, with PACCAR carrying a consensus “Hold” rating and an average price target of $133.91. Royal Bank of Canada upgraded the stock to “outperform” and raised its target to $150.
• PACCAR’s latest quarterly results exceeded expectations, with adjusted EPS of $1.43 versus the $1.36 consensus and revenue of $7.55 billion. The company also maintains a quarterly dividend of $0.35 per share, equivalent to a 1.2% yield.

Engineers Gate Manager LP increased its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 500.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,937 shares of the company's stock after buying an additional 10,784 shares during the period. Engineers Gate Manager LP's holdings in PACCAR were worth $1,554,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ancora Advisors LLC acquired a new stake in PACCAR in the 2nd quarter valued at about $16,286,000. Nomura Asset Management Co. Ltd. increased its position in PACCAR by 2.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company's stock worth $45,281,000 after buying an additional 9,524 shares during the last quarter. Geode Capital Management LLC increased its position in PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after buying an additional 50,622 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab bought a new stake in PACCAR in the first quarter valued at approximately $9,273,000. Finally, Mengis Capital Management Inc. raised its stake in PACCAR by 16.1% in the fourth quarter. Mengis Capital Management Inc. now owns 111,486 shares of the company's stock valued at $12,209,000 after buying an additional 15,440 shares during the period. 64.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PCAR shares. Citigroup lifted 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. Morgan Stanley set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a research note on Friday, September 4th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PACCAR in a report on Tuesday, August 18th. Royal Bank Of Canada raised shares of PACCAR from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $130.00 to $150.00 in a research report on Thursday, September 10th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $148.00 price objective on shares of PACCAR in a research report on Wednesday, July 29th. Three equities research 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 an average rating of "Hold" and a consensus target price of $133.91.

Insider Buying and Selling at PACCAR

In related news, CEO R Feight sold 50,975 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the sale, the chief executive officer owned 268,625 shares of the company's stock, valued at $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP William Lance Walters sold 1,000 shares of the firm's stock in a transaction on Friday, July 31st. The stock was 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. Insiders have sold a total of 56,842 shares of company stock valued at $7,565,677 in the last three months. Corporate insiders own 1.99% of the company's stock.

PACCAR Stock Down 3.5%

PCAR opened at $118.22 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The stock has a fifty day moving average of $127.88 and a 200-day moving average of $121.57. 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 capitalization of $62.23 billion, a P/E ratio of 24.84, 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 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $7.05 billion. During the same period last year, the firm earned $1.37 earnings per share. PACCAR's revenue for the quarter was up .5% compared to the same quarter last year. On average, equities analysts expect that PACCAR Inc. will post 5.91 EPS for the current 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 dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

PACCAR Company Profile

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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