PACCAR Inc. $PCAR Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp sold 3,760 shares of PACCAR Inc., reducing its holdings by 11.7% and bringing its total shares to 28,390.
• PACCAR recently announced a quarterly dividend of $0.33, representing a 1.4% dividend yield.
• Several analysts have upgraded PACCAR's stock rating, with price targets ranging from $97.00 to $121.00, signaling improved investor confidence.

Truist Financial Corp decreased its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 28,390 shares of the company's stock after selling 3,760 shares during the period. Truist Financial Corp's holdings in PACCAR were worth $2,699,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PCAR. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of PACCAR by 666.7% during the first 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 period. Alpine Bank Wealth Management acquired a new position in PACCAR in the first quarter worth $29,000. Bayforest Capital Ltd boosted its holdings in shares of PACCAR by 234.2% during the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after acquiring an additional 274 shares during the period. Accent Capital Management LLC acquired a new stake in PACCAR in the first quarter worth about $40,000. Finally, JFS Wealth Advisors LLC lifted its holdings in PACCAR by 64.9% in the first quarter. JFS Wealth Advisors LLC now owns 442 shares of the company's stock worth $43,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Truist Financial set a $97.00 price target on shares of PACCAR and gave the stock a "hold" rating in a research report on Wednesday. UBS Group upgraded shares of PACCAR from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Citigroup boosted their price objective on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price objective on the stock in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. boosted their price objective on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, PACCAR presently has an average rating of "Moderate Buy" and an average price target of $107.59.

PACCAR Trading Down 0.5%

Shares of NASDAQ PCAR opened at $95.22 on Friday. The stock has a market cap of $50.00 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 3.90 and a beta of 0.94. The business has a 50 day simple moving average of $98.80 and a 200 day simple moving average of $95.59. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly 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 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 firm's quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.13 EPS. On average, research analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. PACCAR's payout ratio is presently 22.60%.

Insider Activity at PACCAR

In related news, 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 value of $3,977,316.80. Following the completion of the sale, the chief executive officer owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the chief financial officer directly owned 468 shares of the company's stock, valued at approximately $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.

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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