Handelsbanken Fonder AB Sells 14,673 Shares of PACCAR Inc. $PCAR

Key Points

• Handelsbanken Fonder AB reduced its PACCAR stake by 14.9%, selling 14,673 shares in the second quarter and retaining 84,038 shares valued at approximately $10.1 million. Institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in EPS versus the $1.36 consensus and revenue of $7.55 billion versus estimates of $7.05 billion. Analysts forecast full-year EPS of $5.85.
• The company announced a quarterly dividend of $0.35 per share, equivalent to a $1.40 annualized payout and a 1.1% yield. Wall Street’s consensus rating remains “Hold,” with an average price target of $131.70.

Handelsbanken Fonder AB lowered its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 14.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 84,038 shares of the company's stock after selling 14,673 shares during the period. Handelsbanken Fonder AB's holdings in PACCAR were worth $10,095,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ares Financial Consulting LLC bought a new position in shares of PACCAR in the fourth quarter valued at approximately $27,000. MCF Advisors LLC grew its holdings in PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after buying an additional 92 shares in the last quarter. Steph & Co. bought a new stake in PACCAR during the first quarter worth $29,000. Elyxium Wealth LLC purchased a new stake in PACCAR in the 4th quarter valued at $30,000. Finally, Wealth Watch Advisors INC bought a new position in PACCAR during the 3rd quarter valued at $32,000. 64.90% of the stock is owned by institutional investors.

PACCAR Stock Performance

Shares of PCAR stock opened at $130.72 on Friday. 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 firm has a market cap of $68.81 billion, a price-to-earnings ratio of 27.46, a P/E/G ratio of 1.04 and a beta of 0.97. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24. The firm's 50-day simple moving average is $125.04 and its two-hundred day simple moving average is $121.59.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR's quarterly revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 EPS. As a group, equities analysts forecast that PACCAR Inc. will post 5.85 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Weiss Ratings cut shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Evercore set a $139.00 price objective on shares of PACCAR in a research report on Monday, May 11th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, PACCAR has a consensus rating of "Hold" and an average price target of $131.70.

Insider Transactions at PACCAR

In other news, CFO Brice J. Poplawski sold 1,970 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the transaction, the chief financial officer owned 1,391 shares in the company, valued at approximately $184,307.50. This represents a 58.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.50, for a total value of $133,500.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 56,842 shares of company stock valued at $7,565,677. Corporate insiders own 1.99% of the company's stock.

PACCAR Profile

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.

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