PACCAR Inc. $PCAR Shares Acquired by Steel Grove Capital Advisors LLC

Key Points

• Steel Grove Capital Advisors LLC increased its holdings in PACCAR Inc. by 16.3% during the second quarter, owning 18,533 shares valued at approximately $1.76 million.
• PACCAR recently reported quarterly earnings of $1.12 per share, missing estimates, while revenue decreased 20.7% year-over-year despite being higher than expectations.
• The company announced a quarterly dividend of $0.33 per share, representing a 1.3% dividend yield, payable on December 3rd to investors of record by November 12th.

Steel Grove Capital Advisors LLC increased its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 16.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 18,533 shares of the company's stock after buying an additional 2,597 shares during the period. Steel Grove Capital Advisors LLC's holdings in PACCAR were worth $1,762,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. FORA Capital LLC acquired a new position in shares of PACCAR in the 1st quarter valued at about $597,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of PACCAR by 62.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock valued at $3,533,000 after buying an additional 13,904 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in shares of PACCAR by 51.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock valued at $1,262,000 after buying an additional 4,429 shares during the period. Moran Wealth Management LLC boosted its holdings in shares of PACCAR by 28.8% in the 1st quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock valued at $22,898,000 after buying an additional 52,525 shares during the period. Finally, Stack Financial Management Inc acquired a new position in shares of PACCAR in the 1st quarter valued at about $20,585,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Trading Up 2.4%

Shares of NASDAQ:PCAR opened at $99.85 on Wednesday. The company has a 50 day moving average of $98.50 and a 200-day moving average of $95.51. The firm has a market cap of $52.43 billion, a P/E ratio of 17.10, a P/E/G ratio of 4.00 and a beta of 0.94. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.02). The company had revenue of $6.67 billion during the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The company's revenue was down 20.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.85 earnings per share. As a group, analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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

Insider Buying and Selling

In related news, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the sale, the chief financial officer directly owned 468 shares in the company, valued at $47,239.92. The trade was a 91.44% decrease in their position. The transaction was disclosed in a document filed 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 that occurred on 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 completion of the sale, the chief executive officer owned 223,190 shares in the company, valued at $22,211,868.80. The trade was 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.

Analyst Ratings Changes

PCAR has been the subject of a number of analyst reports. Truist Financial set a $97.00 target price on shares of PACCAR and gave the company a "hold" rating in a research note on Wednesday, October 8th. Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research note on Monday, July 28th. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Jefferies Financial Group reissued a "hold" rating and set a $90.00 target price on shares of PACCAR in a research note on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $97.00 to $103.00 and gave the company a "neutral" rating in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

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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