Meeder Asset Management Inc. Takes $6.81 Million Position in PACCAR Inc. $PCAR

Key Points

• Meeder Asset Management initiated a $6.81 million position in PACCAR during the second quarter by purchasing 56,664 shares. Institutional investors and hedge funds collectively own 64.90% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in earnings per share versus the $1.36 consensus estimate and $7.55 billion in revenue versus $7.05 billion expected.
• The company declared a quarterly dividend of $0.35, equivalent to a 1.1% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $131.70, while insiders have sold $7.57 million of stock over the past three months.

Meeder Asset Management Inc. bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,664 shares of the company's stock, valued at approximately $6,806,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tiemann Investment Advisors LLC acquired a new stake in PACCAR during the second quarter worth about $187,000. Citizens Financial Group Inc. RI purchased a new position in PACCAR during the second quarter valued at approximately $668,000. Auxano Advisors LLC acquired a new position in PACCAR in the second quarter valued at approximately $371,000. MidFirst Bank acquired a new position in PACCAR in the second quarter valued at approximately $238,000. Finally, Paladin Partners LLC purchased a new stake in PACCAR in the 2nd quarter worth approximately $27,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at PACCAR

In related news, CFO Brice J. Poplawski sold 1,970 shares of the business's stock in a transaction on Friday, July 31st. The shares were 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. The trade was a 58.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP William Lance Walters sold 1,000 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,842 shares of company stock valued at $7,565,677 over the last three months. 1.99% of the stock is currently owned by company insiders.

PACCAR Stock Up 0.0%

PCAR stock opened at $130.84 on Tuesday. The stock has a market capitalization of $68.87 billion, a P/E ratio of 27.49, a P/E/G ratio of 1.04 and a beta of 0.97. The firm has a 50-day simple moving average of $125.57 and a 200-day simple moving average of $121.73. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. The firm 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% on a year-over-year basis. During the same period last year, the firm posted $1.37 earnings per share. Equities analysts forecast that PACCAR Inc. will post 5.85 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's payout ratio is currently 29.41%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PCAR. JPMorgan Chase & Co. boosted their target price 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. Morgan Stanley set a $119.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Truist Financial upped their price objective 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. Sanford C. Bernstein reissued an "outperform" rating and set a $148.00 target price on shares of PACCAR in a research note on Wednesday, July 29th. Finally, Weiss Ratings cut PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $131.70.

About PACCAR

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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