PACCAR Inc. (NASDAQ:PCAR) Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. has increased its stake in PACCAR Inc. by 2.5% during the first quarter, now owning 344,886 shares valued at approximately $33.6 million.
• Several institutions have also boosted their positions in PACCAR, with the total institutional ownership standing at 64.90% of the stock.
• PACCAR recently reported a quarterly EPS of $1.37, exceeding estimates, although its revenue declined by 15.7% year-over-year.

Assetmark Inc. grew its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 344,886 shares of the company's stock after buying an additional 8,271 shares during the quarter. Assetmark Inc. owned 0.07% of PACCAR worth $33,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. E Fund Management Hong Kong Co. Ltd. boosted its stake 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 buying an additional 240 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in PACCAR by 221.8% during the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company's stock worth $29,000 after buying an additional 193 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in PACCAR during the first quarter worth $29,000. Sunbelt Securities Inc. boosted its stake in PACCAR by 8,750.0% during the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after buying an additional 350 shares during the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake 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 buying an additional 174 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PCAR. Evercore ISI decreased their price target on PACCAR from $127.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday. Vertical Research raised PACCAR to a "strong-buy" rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Truist Financial decreased their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, PACCAR presently has a consensus rating of "Moderate Buy" and a consensus target price of $106.45.

PACCAR Price Performance

PACCAR stock traded up $0.14 during mid-day trading on Friday, hitting $101.57. 2,983,287 shares of the company were exchanged, compared to its average volume of 3,330,387. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.73 and a quick ratio of 1.40. The business's 50 day simple moving average is $95.03 and its two-hundred day simple moving average is $98.20. The company has a market capitalization of $53.32 billion, a P/E ratio of 17.39, a PEG ratio of 4.05 and a beta of 0.94. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.09. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. PACCAR's revenue was down 15.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.13 earnings per share. Analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's payout ratio is 22.60%.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pierre R. Breber acquired 5,000 shares of the stock in a transaction dated Tuesday, May 6th. The stock was acquired at an average cost of $89.78 per share, with a total value of $448,900.00. Following the transaction, the director owned 13,015 shares of the company's stock, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.02% of the company's stock.

About PACCAR

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.