NEOS Investment Management LLC Grows Stock Position in PACCAR Inc. $PCAR

Key Points

• NEOS Investment Management increased its PACCAR position by 10.2% in the second quarter, adding 36,979 shares to hold 399,423 shares valued at approximately $48 million. Institutional investors collectively own 64.9% of PACCAR.
• Analysts maintain a consensus “Hold” rating on PACCAR, with an average price target of $131.70; recent target prices range from $131 to $164.
• PACCAR exceeded quarterly expectations, reporting $1.43 in earnings per share and $7.55 billion in revenue. However, insiders sold roughly $7.6 million worth of shares over the past 90 days, including a sizable sale by the CEO.

NEOS Investment Management LLC grew its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 10.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 399,423 shares of the company's stock after acquiring an additional 36,979 shares during the quarter. NEOS Investment Management LLC owned 0.08% of PACCAR worth $47,979,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PCAR. Compass Financial Management LLC purchased a new position in shares of PACCAR in the 2nd quarter valued at approximately $28,000. Paladin Partners LLC purchased a new stake in PACCAR during the 2nd quarter worth approximately $27,000. Fiduciary Financial Advisors acquired a new position in PACCAR during the 2nd quarter valued at approximately $28,000. Continuum Advisory LLC acquired a new position in PACCAR during the 2nd quarter valued at approximately $29,000. Finally, Steph & Co. acquired a new position in PACCAR during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PCAR shares. Wells Fargo & Company lifted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. upped their target price on PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. Truist Financial lifted their price target on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $148.00 price target on shares of PACCAR in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $131.70.

Insider Buying and Selling

In other news, CEO R Feight sold 50,975 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the sale, the chief executive officer owned 268,625 shares in the company, valued at $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $132.50, for a total value of $261,025.00. Following the sale, the chief financial officer directly owned 1,391 shares in the company, valued at approximately $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 56,842 shares of company stock worth $7,565,677. Corporate insiders own 1.99% of the company's stock.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $124.51 on Friday. The company has a 50 day simple moving average of $127.70 and a two-hundred day simple moving average of $121.78. The stock has a market cap of $65.54 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 1.40 and a beta of 0.96. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the business earned $1.37 earnings per share. The business's quarterly revenue was up .5% compared to the same quarter last year. As a group, analysts predict that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

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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