Magnetar Financial LLC Purchases 6,293 Shares of PACCAR Inc. $PCAR

Key Points

• Magnetar Financial LLC increased its stake in PACCAR Inc. by 124.2% during the first quarter, now holding 11,359 shares valued at approximately $1.1 million.
• PACCAR reported earnings of $1.37 per share for the last quarter, surpassing analysts' expectations of $1.28, although revenue was down 15.7% year-over-year.
• The company announced a quarterly dividend of $0.33 per share, which will be paid on September 4th, representing an annual yield of 1.3%.

Magnetar Financial LLC raised its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 124.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,359 shares of the company's stock after buying an additional 6,293 shares during the quarter. Magnetar Financial LLC's holdings in PACCAR were worth $1,106,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. grew its holdings in PACCAR by 666.7% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock valued at $27,000 after purchasing an additional 240 shares during the period. Alpine Bank Wealth Management bought a new stake in shares of PACCAR in the 1st quarter valued at $29,000. Sunbelt Securities Inc. raised its stake in PACCAR by 8,750.0% during the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after buying an additional 350 shares during the period. Bayforest Capital Ltd lifted its holdings in PACCAR by 234.2% during the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock worth $38,000 after acquiring an additional 274 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in PACCAR in the first quarter valued at about $40,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 5,000 shares of the business's 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 transaction, the chief financial officer directly owned 468 shares of the company's stock, valued at approximately $47,239.92. The trade was a 91.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. This represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Citigroup lifted their price objective on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Royal Bank Of Canada cut their price target on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Truist Financial reduced their price target on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a report on Wednesday, July 23rd. Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Finally, Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Two 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. Based on data from MarketBeat.com, PACCAR presently has a consensus rating of "Moderate Buy" and an average target price of $107.68.

PACCAR Stock Up 1.8%

Shares of NASDAQ PCAR traded up $1.69 during trading hours on Thursday, hitting $97.91. The company had a trading volume of 1,175,266 shares, compared to its average volume of 2,838,609. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm's 50 day moving average is $98.10 and its 200-day moving average is $96.49. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81. The stock has a market capitalization of $51.41 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 4.01 and a beta of 0.94.

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

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's dividend payout ratio (DPR) is presently 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.