QRG Capital Management Inc. Has $22.90 Million Stake in PACCAR Inc. $PCAR

Key Points

• QRG Capital Management Inc. has reduced its stake in PACCAR Inc. by 29.8%, now holding 240,912 shares valued at approximately $22.90 million.
• CEO R Preston Feight sold 39,965 shares of PACCAR stock for about $3.98 million, decreasing his ownership by 15.19%.
• PACCAR announced a quarterly dividend of $0.33 per share, with a yield of 1.3%, scheduled for payment on December 3rd.

QRG Capital Management Inc. cut its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 29.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 240,912 shares of the company's stock after selling 102,423 shares during the period. QRG Capital Management Inc.'s holdings in PACCAR were worth $22,901,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in PCAR. Ameritas Advisory Services LLC bought a new position in PACCAR in the 2nd quarter worth approximately $71,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of PACCAR by 58.6% in the 2nd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,344 shares of the company's stock valued at $1,268,000 after purchasing an additional 4,928 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in PACCAR by 5.5% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 191,893 shares of the company's stock worth $18,241,000 after buying an additional 9,941 shares during the period. Madrona Financial Services LLC raised its stake in PACCAR by 15.8% during the 2nd quarter. Madrona Financial Services LLC now owns 9,352 shares of the company's stock worth $889,000 after buying an additional 1,274 shares during the period. Finally, First Pacific Financial acquired a new stake in PACCAR during the 2nd quarter worth $288,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the sale, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Stock Down 1.0%

NASDAQ PCAR opened at $98.09 on Friday. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a 50 day moving average of $99.03 and a 200-day moving average of $95.65. The company has a market cap of $51.51 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 4.02 and a beta of 0.94.

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

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be issued a $0.33 dividend. The ex-dividend date is Wednesday, November 12th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR's payout ratio is presently 22.60%.

Analyst Ratings Changes

Several brokerages recently commented on PCAR. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of PACCAR in a research note on Saturday, September 27th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and increased their target price for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating 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 report on Monday, July 28th. Finally, Citigroup increased their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR 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.

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