PACCAR Inc. $PCAR Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its PACCAR stake by 51.6% in the first quarter, selling 534,485 shares and retaining 501,601 shares worth approximately $57.9 million. Institutional investors collectively own 64.9% of the company.
• PACCAR’s latest quarterly results exceeded expectations, with earnings of $1.43 per share versus the $1.36 consensus and revenue of $7.55 billion versus $7.05 billion expected. Management cited strong truck orders, higher production and record parts revenue.
• PACCAR declared a quarterly dividend of $0.35 per share, or $1.40 annualized, representing a 1.0% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $127 price target, although JPMorgan upgraded the stock to “Overweight” with a $164 target.

The Manufacturers Life Insurance Company cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 51.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 501,601 shares of the company's stock after selling 534,485 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of PACCAR worth $57,935,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Ares Financial Consulting LLC purchased a new stake in PACCAR during the fourth quarter worth about $27,000. MCF Advisors LLC grew its position in PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after buying an additional 92 shares during the period. Steph & Co. purchased a new position in PACCAR in the first quarter valued at about $29,000. Elyxium Wealth LLC purchased a new position in PACCAR in the fourth quarter valued at about $30,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of PACCAR during the 3rd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Down 3.1%

PCAR stock opened at $133.87 on Thursday. The company's 50 day simple moving average is $120.46 and its 200-day simple moving average is $120.68. The firm has a market capitalization of $70.45 billion, a PE ratio of 28.12, a P/E/G ratio of 1.27 and a beta of 0.97. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.82 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business had revenue of $7.55 billion during the quarter, compared to analysts' expectations of $7.05 billion. During the same period last year, the company posted $1.37 EPS. The company's revenue was up .5% on a year-over-year basis. Equities analysts expect that PACCAR Inc. will post 5.66 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.0%. PACCAR's dividend payout ratio (DPR) is presently 29.79%.

Key Headlines Impacting PACCAR

Here are the key news stories impacting PACCAR this week:

• Positive Sentiment: JPMorgan raised its price target to $164 and upgraded PACCAR to “overweight,” implying substantial upside from recent levels and signaling increased confidence in the truck manufacturer’s earnings outlook. Benzinga
• Positive Sentiment: Second-quarter results exceeded expectations: adjusted earnings were $1.43 per share versus the $1.36 consensus estimate, while revenue reached $7.55 billion, above the $7.05 billion analyst forecast. Earnings also increased from $1.37 per share a year earlier. PACCAR Increases Quarterly Revenues and Profits
• Positive Sentiment: Management cited strong truck orders, higher production rates, improved freight conditions, better truck profitability and record parts revenue. Net income rose 24% from the preceding quarter, supporting the company’s near-term margin outlook. PACCAR Q2 Earnings Surpass Expectations on Truck Profit
• Neutral Sentiment: Analysts characterized truck demand as stable and regulatory conditions as clearer, which may support margins and guidance. However, quarterly revenue increased only about 0.5% year over year, suggesting that growth remains moderate. PCAR Q2 Deep Dive
• Negative Sentiment: PCAR’s lower trading action suggests investors may be taking profits or demanding stronger top-line growth after the earnings release. With the stock near its annual high and trading at roughly 28 times earnings, expectations may already reflect much of the favorable results.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCAR. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. Morgan Stanley set a $119.00 price objective on PACCAR in a research note on Wednesday. Truist Financial lifted their price objective on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a report on Thursday, July 2nd. Sanford C. Bernstein reiterated an "outperform" rating and set a $148.00 target price on shares of PACCAR in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, PACCAR has a consensus rating of "Hold" and a consensus price target of $127.00.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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