PACCAR Inc. $PCAR Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in PACCAR Inc. by 46.0% during the second quarter, now holding approximately 0.05% of the company worth $26.7 million.
• PACCAR announced a quarterly dividend of $0.33 per share, payable on December 3rd, representing an annualized yield of 1.3%.
• Several analysts have updated their ratings on PACCAR, with targets ranging from $98.00 to $121.00, reflecting a consensus rating of "Moderate Buy".

Assenagon Asset Management S.A. grew its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 46.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 280,895 shares of the company's stock after acquiring an additional 88,551 shares during the period. Assenagon Asset Management S.A. owned about 0.05% of PACCAR worth $26,702,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Farmers & Merchants Investments Inc. lifted its holdings in shares of PACCAR by 33.1% in the first quarter. Farmers & Merchants Investments Inc. now owns 466 shares of the company's stock valued at $45,000 after purchasing an additional 116 shares in the last quarter. RMR Wealth Builders increased its position in PACCAR by 1.4% during the first quarter. RMR Wealth Builders now owns 8,713 shares of the company's stock worth $848,000 after buying an additional 122 shares during the last quarter. Applied Capital LLC FL increased its position in PACCAR by 0.5% during the first quarter. Applied Capital LLC FL now owns 25,210 shares of the company's stock worth $2,455,000 after buying an additional 124 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in PACCAR by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 45,087 shares of the company's stock worth $4,390,000 after buying an additional 130 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its position in PACCAR by 5.9% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,341 shares of the company's stock worth $228,000 after buying an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the company's 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 sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following 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 position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Evercore ISI set a $114.00 target price on shares of PACCAR and gave the stock an "outperform" rating in a research report on Tuesday, August 19th. 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. Vertical Research raised PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Truist Financial lowered their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research report on Wednesday, July 23rd. Finally, UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and raised their price target for the company from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, PACCAR has an average rating of "Moderate Buy" and an average target price of $107.68.

PACCAR Stock Performance

PCAR stock opened at $99.46 on Monday. The company has a 50 day moving average price of $98.81 and a 200 day moving average price of $95.91. The stock has a market capitalization of $52.23 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 3.99 and a beta of 0.94. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80.

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

PACCAR Dividend Announcement

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

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.

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