Oppenheimer Asset Management Inc. Invests $7.73 Million in PACCAR Inc. $PCAR

Key Points

• Oppenheimer Asset Management purchased 64,362 PACCAR shares worth approximately $7.73 million, while institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in EPS versus the $1.36 consensus and $7.55 billion in revenue versus the $7.05 billion estimate.
• Analysts remain cautious, with PACCAR carrying an average “Hold” rating and a $131.70 target price; the company also declared a quarterly dividend of $0.35 per share.

Oppenheimer Asset Management Inc. bought a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 64,362 shares of the company's stock, valued at approximately $7,731,000.

A number of other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in PACCAR in the 4th quarter worth about $727,745,000. Wellington Management Group LLP lifted its position in shares of PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after buying an additional 3,597,283 shares in the last quarter. UBS Group AG lifted its position in shares of PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company's stock worth $498,146,000 after buying an additional 1,940,260 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of PACCAR by 129.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company's stock worth $249,237,000 after buying an additional 1,286,056 shares during the last quarter. Finally, Focus Partners Wealth boosted its stake in shares of PACCAR by 17,292.6% in the 4th quarter. Focus Partners Wealth now owns 1,202,700 shares of the company's stock worth $131,725,000 after buying an additional 1,195,785 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP William Lance Walters sold 1,000 shares of the business's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of the 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 directly owned 268,625 shares in the company, valued at $35,745,928.75. This trade represents a 15.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 56,842 shares of company stock valued at $7,565,677 over the last three months. Insiders own 1.99% of the company's stock.

Wall Street Analyst Weigh In

PCAR has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. lifted their price target on PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Truist Financial boosted their price objective on 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 restated an "outperform" rating and issued a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Finally, Weiss Ratings lowered PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, PACCAR presently has an average rating of "Hold" and an average target price of $131.70.

PACCAR Stock Performance

Shares of PCAR stock opened at $130.79 on Friday. The stock has a market capitalization of $68.84 billion, a P/E ratio of 27.48, a PEG ratio of 1.04 and a beta of 0.97. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The firm's 50 day moving average is $125.32 and its 200 day moving average is $121.66. 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 EPS for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same period last year, the firm earned $1.37 EPS. PACCAR's revenue for the quarter was up .5% on a year-over-year basis. On average, sell-side analysts anticipate that PACCAR Inc. will post 5.85 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is presently 29.41%.

PACCAR Profile

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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