Assenagon Asset Management S.A. Increases Position in PACCAR Inc. $PCAR

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 holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 46.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 280,895 shares of the company's stock after purchasing an additional 88,551 shares during the period. Assenagon Asset Management S.A. owned approximately 0.05% of PACCAR worth $26,702,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. lifted its holdings in shares of PACCAR by 666.7% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock valued at $27,000 after purchasing an additional 240 shares during the last quarter. Alpine Bank Wealth Management purchased a new stake in shares of PACCAR during the 1st quarter valued at $29,000. Sunbelt Securities Inc. lifted its holdings in shares of PACCAR by 8,750.0% during the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock valued at $37,000 after purchasing an additional 350 shares during the last quarter. Bayforest Capital Ltd lifted its holdings in shares of PACCAR by 234.2% during the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after purchasing an additional 274 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of PACCAR during the 1st quarter valued at $40,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Price Performance

Shares of NASDAQ:PCAR traded down $2.39 during trading on Monday, reaching $97.07. 2,522,179 shares of the company's stock traded hands, compared to its average volume of 2,599,788. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. 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 $50.97 billion, a PE ratio of 16.62, a P/E/G ratio of 3.99 and a beta of 0.94. The company has a 50-day simple moving average of $98.81 and a 200-day simple moving average of $95.91.

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

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.4%. PACCAR's dividend payout ratio (DPR) is 22.60%.

Insider Transactions at PACCAR

In other 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of PACCAR 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 completion of the sale, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PCAR shares. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and increased their price objective for the company from $81.00 to $100.00 in a report on Wednesday, July 23rd. Argus upgraded 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. Truist Financial reduced their target price on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Finally, Citigroup raised their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Two investment 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. Based on data from MarketBeat, PACCAR has a consensus rating of "Moderate Buy" and a consensus target price of $107.68.

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.