PACCAR Inc. (NASDAQ:PCAR) Shares Sold by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA has significantly reduced its holdings in PACCAR Inc. by 54.8%, now owning 6,444 shares valued at approximately $627,000.
• PACCAR reported a decline in revenue of 15.7% year-over-year, with earnings per share (EPS) of $1.37 for the recent quarter, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.33, with an annualized yield of 1.3%, to be paid on September 4th to investors of record as of August 14th.

ABC Arbitrage SA lowered its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 54.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,444 shares of the company's stock after selling 7,822 shares during the quarter. ABC Arbitrage SA's holdings in PACCAR were worth $627,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in PACCAR by 15.1% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 794,946 shares of the company's stock valued at $77,404,000 after acquiring an additional 104,281 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in PACCAR by 62.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock valued at $3,533,000 after acquiring an additional 13,904 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in PACCAR by 51.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock valued at $1,262,000 after acquiring an additional 4,429 shares during the last quarter. Moran Wealth Management LLC boosted its holdings in PACCAR by 28.8% in the first quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock valued at $22,898,000 after acquiring an additional 52,525 shares during the last quarter. Finally, Stack Financial Management Inc acquired a new position in shares of PACCAR during the first quarter worth about $20,585,000. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Stock Up 1.9%

Shares of NASDAQ PCAR opened at $98.20 on Wednesday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The firm has a market cap of $51.56 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 3.84 and a beta of 0.91. 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's 50-day simple moving average is $95.54 and its 200-day simple moving average is $97.76.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The business had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same period in the previous year, the company earned $2.13 earnings per share. The company's revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, equities analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's payout ratio is currently 22.60%.

Analyst Ratings Changes

A number of research analysts have commented on PCAR shares. Truist Financial reduced their price objective on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday, July 23rd. Evercore ISI reduced their price objective on PACCAR from $127.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price objective on the stock in a research note on Monday, July 28th. Royal Bank Of Canada reduced their price objective on PACCAR from $106.00 to $97.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. boosted their price objective on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.77.

Insider Activity

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

PACCAR Company 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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