NewEdge Advisors LLC Acquires 10,858 Shares of PACCAR Inc. $PCAR

Key Points

• NewEdge Advisors increased its PACCAR stake by 176.6% in the second quarter, acquiring 10,858 additional shares and ending the period with 17,008 shares valued at approximately $2.04 million. Institutional investors collectively own 64.9% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $133.91. RBC upgraded PACCAR to “Outperform,” while JPMorgan raised its target to $164.
• PACCAR exceeded quarterly earnings and revenue expectations, reporting $1.43 in EPS and $7.55 billion in revenue. The company also declared a quarterly dividend of $0.35 per share, while insiders sold approximately $7.6 million of stock over the past 90 days.

NewEdge Advisors LLC lifted its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 176.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,008 shares of the company's stock after buying an additional 10,858 shares during the period. NewEdge Advisors LLC's holdings in PACCAR were worth $2,043,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Compass Financial Management LLC bought a new position in PACCAR in the second quarter valued at approximately $28,000. Paladin Partners LLC bought a new stake in shares of PACCAR during the 2nd quarter worth approximately $27,000. Fiduciary Financial Advisors acquired a new stake in shares of PACCAR in the 2nd quarter valued at approximately $28,000. Continuum Advisory LLC acquired a new stake in shares of PACCAR in the 2nd quarter valued at approximately $29,000. Finally, Steph & Co. bought a new position in shares of PACCAR in the first quarter valued at $29,000. Institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada upgraded shares of PACCAR from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $130.00 to $150.00 in a report on Thursday, September 10th. Citigroup lifted their price objective on shares of PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Truist Financial upped their target price on shares of PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Finally, Wells Fargo & Company raised their target price on shares of PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $133.91.

Insider Transactions at PACCAR

In related news, VP Paulo Henrique Bolgar sold 2,897 shares of PACCAR stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the sale, the vice president directly owned 3,831 shares of the company's stock, valued at approximately $512,970.90. This trade represents a 43.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO R Feight sold 50,975 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the sale, the chief executive officer owned 268,625 shares of the company's stock, valued at $35,745,928.75. This trade represents a 15.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 56,842 shares of company stock worth $7,565,677. Insiders own 1.99% of the company's stock.

PACCAR Trading Down 1.1%

PCAR stock opened at $116.06 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. The company has a fifty day moving average price of $127.59 and a two-hundred day moving average price of $121.47. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The stock has a market cap of $61.09 billion, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 1.34 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company's revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.37 earnings per share. Equities analysts anticipate that PACCAR Inc. will post 5.91 EPS for the current year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, November 10th. This represents a $1.40 annualized dividend and a yield of 1.2%. PACCAR's dividend payout ratio (DPR) is 29.41%.

PACCAR Company Profile

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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