Graham Capital Management L.P. Buys New Stake in PACCAR Inc. $PCAR

Key Points

• Graham Capital Management L.P. has made a significant new investment in PACCAR Inc., acquiring 11,500 shares valued at approximately $1.12 million during the first quarter of 2023.
• Several institutional investors have increased their stakes in PACCAR, with notable increases from MEAG MUNICH ERGO and Cambridge Investment Research, contributing to a total institutional ownership of 64.90%.
• PACCAR recently announced a quarterly dividend of $0.33 per share, with a dividend yield of 1.4%, and its stock has a current average price target of $107.68 among analysts.

Graham Capital Management L.P. acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,500 shares of the company's stock, valued at approximately $1,120,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in PACCAR during the 1st quarter worth about $62,000. The Manufacturers Life Insurance Company grew its position in shares of PACCAR by 177.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company's stock valued at $255,187,000 after purchasing an additional 1,677,736 shares in the last quarter. Magnetar Financial LLC lifted its holdings in shares of PACCAR by 124.2% during the 1st quarter. Magnetar Financial LLC now owns 11,359 shares of the company's stock worth $1,106,000 after acquiring an additional 6,293 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in PACCAR by 205.0% in the first quarter. Canada Pension Plan Investment Board now owns 929,116 shares of the company's stock worth $90,468,000 after purchasing an additional 624,457 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp increased its position in shares of PACCAR by 9.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 37,977 shares of the company's stock valued at $3,698,000 after acquiring an additional 3,191 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PCAR has been the topic of a number of research analyst reports. Truist Financial lowered their price objective on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research report on Wednesday, July 23rd. Evercore ISI set a $114.00 price target on shares of PACCAR and gave the stock an "outperform" rating in a research report on Tuesday, August 19th. JPMorgan Chase & Co. raised their target price on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating in a report on Wednesday, July 23rd. Finally, Citigroup raised their target price on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, PACCAR has an average rating of "Moderate Buy" and a consensus target price of $107.68.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction that occurred 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 approximately $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 468 shares of the company's stock, valued at approximately $47,239.92. This trade represents a 91.44% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by company insiders.

PACCAR Stock Down 1.2%

PCAR traded down $1.24 during midday trading on Monday, reaching $97.81. 1,018,537 shares of the company were exchanged, compared to its average volume of 2,827,940. PACCAR Inc. has a one year low of $84.65 and a one year high of $118.81. 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 company's fifty day moving average price is $98.25 and its 200 day moving average price is $96.23. The company has a market cap of $51.36 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 3.98 and a beta of 0.94.

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

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th were issued a $0.33 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR's dividend payout ratio (DPR) is 22.60%.

PACCAR Company 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.