Mirae Asset Global Investments Co. Ltd. Buys 9,941 Shares of PACCAR Inc. $PCAR

Key Points

• Mirae Asset Global Investments increased its stake in PACCAR Inc. by 5.5%, acquiring an additional 9,941 shares, bringing its total holdings to 191,893 shares valued at $18,241,000.
• Analysts have mixed ratings on PACCAR, with target prices ranging from $81.00 to $121.00, reflecting varying levels of confidence in the company's stock.
• PACCAR announced a quarterly dividend of $0.33 per share, which will be paid on December 3rd, 2023, representing a 1.3% annual dividend yield.

Mirae Asset Global Investments Co. Ltd. grew its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 191,893 shares of the company's stock after purchasing an additional 9,941 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in PACCAR were worth $18,241,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PCAR. E Fund Management Hong Kong Co. Ltd. boosted its stake 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 worth $27,000 after acquiring an additional 240 shares in the last quarter. Alpine Bank Wealth Management bought a new stake in PACCAR during the first quarter worth about $29,000. Bayforest Capital Ltd boosted its stake 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. Accent Capital Management LLC bought a new stake in PACCAR during the first quarter worth about $40,000. Finally, JFS Wealth Advisors LLC boosted its stake in PACCAR by 64.9% during the first quarter. JFS Wealth Advisors LLC now owns 442 shares of the company's stock worth $43,000 after acquiring an additional 174 shares in the last quarter. Institutional investors own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PCAR shares. Truist Financial decreased their target price 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. JPMorgan Chase & Co. lifted their target price on shares of PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a report on Wednesday, July 23rd. Finally, Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a report on Monday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $107.68.

Insider Activity

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

PACCAR Trading Down 1.0%

Shares of PCAR opened at $98.09 on Friday. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The company has a market cap of $51.51 billion, a P/E ratio of 16.80, a P/E/G ratio of 3.98 and a beta of 0.94. 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 company's fifty day simple moving average is $99.03 and its 200-day simple moving average is $95.62.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced 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. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The business had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter in the prior year, the firm posted $2.13 earnings per share. The business's revenue for the quarter was down 15.7% on a year-over-year basis. As a group, analysts expect that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. PACCAR's dividend payout ratio is currently 22.60%.

About PACCAR

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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