Alliancebernstein L.P. Acquires 352,496 Shares of PACCAR Inc. $PCAR

Key Points

• Alliancebernstein L.P. increased its stake in PACCAR Inc. by 11.0%, holding 3,553,190 shares worth approximately $345.97 million as of its latest SEC filing.
• Recent insider trades show significant selling, with CFO Brice J. Poplawski selling 5,000 shares and CEO R Preston Feight selling 39,965 shares, representing notable decreases in their positions.
• JPMorgan Chase raised its target price for PACCAR's stock from $95.00 to $97.00, indicating a "neutral" rating, while analysts largely agree on a consensus rating of "Moderate Buy" with an average target of $107.68.

Alliancebernstein L.P. grew its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,553,190 shares of the company's stock after purchasing an additional 352,496 shares during the quarter. Alliancebernstein L.P. owned 0.68% of PACCAR worth $345,974,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. increased its position in shares of 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 acquiring an additional 240 shares during the last quarter. Alpine Bank Wealth Management bought a new position in PACCAR during the 1st quarter worth approximately $29,000. Sunbelt Securities Inc. grew its position in shares of PACCAR by 8,750.0% in the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after acquiring an additional 350 shares in the last quarter. Bayforest Capital Ltd increased its holdings in shares of PACCAR by 234.2% in the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after acquiring an additional 274 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in PACCAR during the first quarter worth $40,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the company'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 sale, the chief financial officer owned 468 shares of the company's stock, valued at approximately $47,239.92. This trade represents a 91.44% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is owned by insiders.

PACCAR Stock Down 0.8%

Shares of PCAR traded down $0.80 during trading hours on Monday, reaching $98.25. The company's stock had a trading volume of 1,742,518 shares, compared to its average volume of 2,832,588. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm has a market cap of $51.59 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 3.98 and a beta of 0.94. The company has a 50 day moving average of $98.25 and a two-hundred day moving average of $96.23. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released 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 net margin of 9.88% and a return on equity of 18.25%. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter in the prior year, the firm earned $2.13 EPS. The company's revenue was down 15.7% compared to the same quarter last year. As a group, research analysts predict that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial dropped their target price on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a report on Wednesday, July 23rd. Citigroup increased their target price on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Vertical Research raised PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Finally, Evercore ISI set a $114.00 price objective on PACCAR and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average 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.