Norris Perne & French LLP MI Sells 9,589 Shares of PACCAR Inc. $PCAR

Key Points

• Norris Perne & French LLP MI sold 9,589 shares of PACCAR Inc. in the second quarter, reducing its holdings by 3.3% to 280,285 shares, which represent approximately 1.9% of its total portfolio.
• PACCAR reported $1.37 EPS in its latest quarter, exceeding estimates by $0.09, although its revenue was down 15.7% year-over-year.
• The company's dividend payout of $0.33 will be distributed in December, reflecting an annualized yield of 1.3% with a payout ratio of 22.60%.

Norris Perne & French LLP MI lowered its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 280,285 shares of the company's stock after selling 9,589 shares during the period. PACCAR accounts for approximately 1.9% of Norris Perne & French LLP MI's holdings, making the stock its 21st largest position. Norris Perne & French LLP MI owned about 0.05% of PACCAR worth $26,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares 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 worth $27,000 after purchasing an additional 240 shares during the period. Alpine Bank Wealth Management bought a new position in PACCAR during the first quarter worth about $29,000. Bayforest Capital Ltd grew 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 purchasing an additional 274 shares during the period. Accent Capital Management LLC acquired a new stake in PACCAR during the first quarter worth approximately $40,000. Finally, JFS Wealth Advisors LLC lifted its position 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 during the last quarter. Institutional investors own 64.90% of the company's stock.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $100.50 on Monday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The stock has a market cap of $52.77 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 4.03 and a beta of 0.94. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The firm's 50-day simple moving average is $99.08 and its 200 day simple moving average is $95.64.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 EPS 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 firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. During the same quarter last year, the business posted $2.13 EPS. The company's revenue for the quarter was down 15.7% on a year-over-year basis. As a group, research analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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

Insider Buying and Selling

In related news, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction that occurred on Friday, July 25th. The shares were 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 owned 468 shares of the company's stock, valued at $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PCAR has been the subject of several research reports. Truist Financial cut their price objective on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research report on Wednesday, July 23rd. Wall Street Zen upgraded shares of PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Vertical Research upgraded shares of PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Citigroup boosted their price objective on shares of PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, PACCAR currently has a consensus rating of "Moderate Buy" and an average target price of $107.68.

PACCAR 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.

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