Park Avenue Securities LLC Decreases Holdings in PACCAR Inc. $PCAR

Key Points

• Park Avenue Securities LLC reduced its stake in PACCAR Inc. by 22% during the second quarter, ending with 19,814 shares valued at $1,883,000 after selling 5,586 shares.
• Insider selling included CFO Brice J. Poplawski and CEO R Preston Feight, with the latter selling 39,965 shares for approximately $3.98 million, resulting in a 15.19% decrease in their ownership.
• Several analysts upgraded their ratings for PACCAR, with a consensus target price of $107.68 and a recommendation of "Moderate Buy."

Park Avenue Securities LLC cut its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 22.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,814 shares of the company's stock after selling 5,586 shares during the quarter. Park Avenue Securities LLC's holdings in PACCAR were worth $1,883,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PCAR. Matrix Trust Co grew its stake in shares of PACCAR by 19.2% in the second quarter. Matrix Trust Co now owns 2,838 shares of the company's stock valued at $270,000 after buying an additional 457 shares in the last quarter. Farther Finance Advisors LLC grew its position in PACCAR by 4.1% in the second quarter. Farther Finance Advisors LLC now owns 9,820 shares of the company's stock valued at $933,000 after acquiring an additional 386 shares in the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in shares of PACCAR during the second quarter valued at approximately $43,000. Assenagon Asset Management S.A. lifted its position in shares of PACCAR by 46.0% during the second quarter. Assenagon Asset Management S.A. now owns 280,895 shares of the company's stock worth $26,702,000 after purchasing an additional 88,551 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its stake in shares of PACCAR by 3.1% in the second quarter. IFM Investors Pty Ltd now owns 98,902 shares of the company's stock valued at $9,402,000 after purchasing an additional 3,009 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Activity

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 value of $504,700.00. Following the completion of the transaction, the chief financial officer directly owned 468 shares in the company, valued at $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Analyst Upgrades and Downgrades

PCAR has been the topic of several analyst reports. Citigroup lifted their price target on shares of PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price target on the stock in a research note on Monday, July 28th. Evercore ISI set a $114.00 price objective on PACCAR and gave the company an "outperform" rating in a research note on Tuesday, August 19th. Finally, Truist Financial dropped their price objective on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, PACCAR currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR Trading Down 0.9%

NASDAQ:PCAR opened at $96.89 on Thursday. The company has a market cap of $50.88 billion, a PE ratio of 16.59, a P/E/G ratio of 3.92 and a beta of 0.94. The business's 50 day moving average is $98.92 and its two-hundred day moving average is $95.84. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results 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. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The business had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same period in the prior year, the company posted $2.13 EPS. The business's revenue was down 15.7% compared to the same quarter last year. On average, analysts predict that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, November 12th. PACCAR's dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding PCAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PACCAR Inc. (NASDAQ:PCAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.