Peak Asset Management LLC Takes Position in PACCAR Inc. $PCAR

Key Points

• Peak Asset Management acquired 146,560 PACCAR shares worth approximately $17.6 million, making PCAR its 13th-largest holding; institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in earnings per share versus the $1.36 consensus and $7.55 billion in revenue versus $7.05 billion expected. Analysts maintain a consensus “Hold” rating with an average price target of $131.70.
• The company declared a quarterly dividend of $0.35, equivalent to $1.40 annually and a 1.1% yield. Meanwhile, insiders sold 56,842 shares worth about $7.6 million over the past three months.

Peak Asset Management LLC acquired a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 146,560 shares of the company's stock, valued at approximately $17,605,000. PACCAR accounts for about 2.6% of Peak Asset Management LLC's holdings, making the stock its 13th largest holding.

A number of other hedge funds have also recently bought and sold shares of the company. Ares Financial Consulting LLC acquired a new stake in shares of PACCAR during the fourth quarter worth $27,000. Paladin Partners LLC acquired a new position in PACCAR in the second quarter valued at $27,000. MCF Advisors LLC lifted 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. Fiduciary Financial Advisors purchased a new position in PACCAR during the second quarter worth about $28,000. Finally, Compass Financial Management LLC acquired a new stake in PACCAR in the 2nd quarter worth about $28,000. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Trading Down 0.8%

NASDAQ:PCAR opened at $129.94 on Tuesday. The business's 50-day moving average is $126.66 and its two-hundred day moving average is $121.89. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The firm has a market capitalization of $68.40 billion, a PE ratio of 27.30, a price-to-earnings-growth ratio of 1.03 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the prior year, the business earned $1.37 earnings per share. The company's revenue was up .5% compared to the same quarter last year. Research analysts predict that PACCAR Inc. will post 5.89 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 issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's dividend payout ratio is currently 29.41%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Truist Financial raised their target price on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Wells Fargo & Company upped their price target on shares of PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Finally, Morgan Stanley set a $119.00 price target on shares of PACCAR in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $131.70.

Insider Activity

In other news, CEO R Preston Feight sold 50,975 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the transaction, the chief executive officer directly owned 268,625 shares in the company, valued at approximately $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William Lance Walters sold 1,000 shares of the firm's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. The SEC filing for this sale provides additional information. Insiders sold 56,842 shares of company stock worth $7,565,677 over the last three months. Insiders own 1.99% of the company's stock.

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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