Hennessy Advisors Inc. Acquires Shares of 21,636 PACCAR Inc. $PCAR

Key Points

• Hennessy Advisors acquired 21,636 PACCAR shares in the second quarter, representing an investment of approximately $2.6 million. Institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting earnings of $1.43 per share and revenue of $7.55 billion, ahead of analysts’ estimates of $1.36 EPS and $7.05 billion in revenue.
• Analysts maintain a generally cautious outlook, with PACCAR carrying a consensus “Hold” rating and a $131.70 average price target. The company also declared a $0.35 quarterly dividend, equal to a 1.1% annualized yield.

Hennessy Advisors Inc. acquired a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 21,636 shares of the company's stock, valued at approximately $2,599,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Deseret Mutual Benefit Administrators boosted its holdings in PACCAR by 9.9% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company's stock worth $97,000 after acquiring an additional 80 shares during the last quarter. Gulf International Bank UK Ltd lifted its position in shares of PACCAR by 0.3% during the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company's stock valued at $2,869,000 after purchasing an additional 81 shares in the last quarter. CYBER HORNET ETFs LLC boosted its holdings in PACCAR by 6.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company's stock worth $163,000 after purchasing an additional 87 shares during the last quarter. Parkside Financial Bank & Trust grew its position in PACCAR by 3.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company's stock worth $317,000 after purchasing an additional 87 shares in the last quarter. Finally, MCF Advisors LLC grew its position in PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after purchasing an additional 92 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PCAR shares. Wells Fargo & Company boosted their price objective on PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Truist Financial raised their target price on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Evercore set a $139.00 target price on PACCAR in a research note on Monday, May 11th. Sanford C. Bernstein reissued an "outperform" rating and issued a $148.00 price target on shares of PACCAR in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, PACCAR presently has an average rating of "Hold" and a consensus price target of $131.70.

PACCAR Stock Performance

Shares of PCAR stock opened at $125.34 on Monday. The company's fifty day simple moving average is $127.35 and its two-hundred day simple moving average is $121.89. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The stock has a market capitalization of $65.97 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 0.99 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The company had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.05 billion. During the same period in the previous year, the business earned $1.37 earnings per share. The firm's quarterly revenue was up .5% compared to the same quarter last year. As a group, analysts anticipate that PACCAR Inc. will post 5.89 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. Investors of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. 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 is 29.41%.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 50,975 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the sale, the chief executive officer directly owned 268,625 shares in the company, valued at $35,745,928.75. This represents a 15.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total transaction of $387,908.30. Following the transaction, the vice president owned 3,831 shares of the company's stock, valued at $512,970.90. This trade represents a 43.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 56,842 shares of company stock valued at $7,565,677. 1.99% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source