PACCAR Inc. $PCAR Shares Bought by Allstate Corp

Key Points

• Allstate Corp increased its stake in PACCAR Inc. by 46.3% in Q1, owning 22,566 shares valued at approximately $2.2 million after purchasing an additional 7,141 shares.
• Institutional investors now hold 64.90% of PACCAR's stock, with Vanguard Group, Wellington Management, and others also increasing their positions during the same quarter.
• PACCAR reported earnings of $1.37 per share, exceeding expectations, but its quarterly revenue decreased by 15.7% compared to the same period last year.

Allstate Corp grew its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 46.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,566 shares of the company's stock after purchasing an additional 7,141 shares during the period. Allstate Corp's holdings in PACCAR were worth $2,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of PACCAR by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after buying an additional 1,113,520 shares during the last quarter. Wellington Management Group LLP lifted its holdings in PACCAR by 20.1% in the first quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company's stock valued at $1,964,725,000 after acquiring an additional 3,379,165 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in PACCAR by 9.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock worth $1,144,578,000 after acquiring an additional 987,805 shares during the period. Northern Trust Corp increased its stake in PACCAR by 0.5% during the first quarter. Northern Trust Corp now owns 7,239,967 shares of the company's stock worth $704,956,000 after acquiring an additional 37,609 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in PACCAR by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 6,104,056 shares of the company's stock worth $594,277,000 after acquiring an additional 97,197 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PCAR shares. 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, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a research report on Monday, July 28th. Royal Bank Of Canada lowered their target price on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and boosted their price target for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $107.68.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the transaction, the chief executive officer directly 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 currently owned by insiders.

PACCAR Stock Up 4.1%

PACCAR stock opened at $101.50 on Friday. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The stock's fifty day simple moving average is $96.87 and its 200-day simple moving average is $96.83. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $53.30 billion, a P/E ratio of 17.38, a P/E/G ratio of 3.92 and a beta of 0.91.

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

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's payout ratio is 22.60%.

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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