JPMorgan Chase & Co. Purchases 691,501 Shares of PACCAR Inc. (NASDAQ:PCAR)

Key Points

• JPMorgan Chase & Co. increased its holdings in PACCAR Inc. by 17.5%, acquiring an additional 691,501 shares, bringing its total ownership to 4,632,996 shares valued at approximately $451.1 million.
• Several institutional investors have significantly increased their stakes in PACCAR, with Kovitz Investment Group Partners buying 4.2 million shares, representing a 370.5% increase in its position.
• PACCAR reported earnings of $1.37 per share, exceeding expectations, while its quarterly revenue decreased by 15.7% compared to the previous year.

JPMorgan Chase & Co. raised its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 17.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,632,996 shares of the company's stock after acquiring an additional 691,501 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.88% of PACCAR worth $451,115,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PCAR. Kovitz Investment Group Partners LLC boosted its position in shares of PACCAR by 370.5% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after purchasing an additional 4,219,964 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of PACCAR by 2,957.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company's stock worth $205,469,000 after purchasing an additional 2,041,168 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of PACCAR by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after purchasing an additional 1,113,520 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of PACCAR by 9.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock worth $1,144,578,000 after purchasing an additional 987,805 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of PACCAR by 10,716.5% in the 1st quarter. GAMMA Investing LLC now owns 879,056 shares of the company's stock worth $85,594,000 after purchasing an additional 870,929 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on PCAR. Argus raised PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price target on the stock in a research report on Monday, July 28th. UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Evercore ISI decreased their price objective on shares of PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Wall Street Zen upgraded shares of PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, PACCAR presently has a consensus rating of "Moderate Buy" and an average price target of $107.77.

PACCAR Price Performance

Shares of PCAR opened at $97.15 on Tuesday. The firm has a market cap of $51.01 billion, a PE ratio of 16.64, a P/E/G ratio of 3.91 and a beta of 0.91. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $95.83 and a two-hundred day simple moving average of $97.32. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate 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%. PACCAR's quarterly revenue was down 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.13 earnings per share. On average, equities analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be given a $0.33 dividend. The ex-dividend date is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.4%. PACCAR's dividend payout ratio is presently 22.60%.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the sale, the chief financial officer owned 468 shares in the company, valued at $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the completion of the sale, the chief executive officer owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

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.

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