Hsbc Holdings PLC Boosts Stock Holdings in PACCAR Inc. $PCAR

Key Points

• HSBC Holdings increased its PACCAR stake by 19.9% in the second quarter, adding 326,135 shares to own 1.97 million shares valued at approximately $236.4 million. Institutional investors collectively hold 64.9% of PACCAR’s stock.
• Analysts maintain a predominantly cautious outlook, with a consensus “Hold” rating and an average price target of $132.30; individual targets range from $131 to $164.
• PACCAR exceeded quarterly expectations with earnings of $1.43 per share and revenue of $7.55 billion. The company also pays a quarterly dividend of $0.35, equivalent to a 1.1% annualized yield.

Hsbc Holdings PLC boosted its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 19.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,966,444 shares of the company's stock after purchasing an additional 326,135 shares during the period. Hsbc Holdings PLC owned about 0.37% of PACCAR worth $236,428,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PCAR. Kingsview Wealth Management LLC purchased a new position in shares of PACCAR during the 2nd quarter worth approximately $889,000. Beacon Pointe Advisors LLC purchased a new stake in shares of PACCAR in the second quarter valued at approximately $1,386,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of PACCAR in the second quarter valued at approximately $96,000. Rakuten Investment Management Inc. acquired a new position in PACCAR during the second quarter worth $15,165,000. Finally, Empowered Funds LLC acquired a new position in PACCAR during the second quarter worth $11,769,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. Citigroup upped their price target on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Wells Fargo & Company raised their price objective on shares of PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Truist Financial upped their target price on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, PACCAR has a consensus rating of "Hold" and a consensus price target of $132.30.

Insider Buying and Selling

In other news, CFO Brice J. Poplawski sold 1,970 shares of the business's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $132.50, for a total value of $261,025.00. Following the completion of the transaction, the chief financial officer directly owned 1,391 shares of the company's stock, valued at $184,307.50. The trade was a 58.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the completion of the sale, the vice president owned 3,831 shares in the company, valued at $512,970.90. This represents a 43.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,842 shares of company stock worth $7,565,677 in the last 90 days. Corporate insiders own 1.99% of the company's stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $124.70 on Monday. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The firm has a 50-day moving average price of $127.78 and a two-hundred day moving average price of $121.77. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $139.24. The company has a market capitalization of $65.64 billion, a P/E ratio of 26.20, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company's revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.37 earnings per share. As a group, research analysts expect that PACCAR Inc. will post 5.91 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR's dividend payout ratio is presently 29.41%.

PACCAR Company 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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