Squarepoint Ops LLC Decreases Stock Position in PACCAR Inc. $PCAR

Key Points

• Squarepoint Ops LLC cut its PACCAR position by 26.5% in the second quarter, selling 152,274 shares and retaining 422,325 shares valued at approximately $50.7 million. Institutional investors collectively own 64.9% of PACCAR.
• PACCAR’s latest quarterly results exceeded expectations, with EPS of $1.43 versus the $1.36 consensus and revenue of $7.55 billion versus $7.05 billion expected. The company also maintains a quarterly dividend of $0.35 per share, yielding about 1.1% annually.
• Analysts remain broadly cautious, with two Buy ratings and eleven Holds, producing a consensus “Hold” rating and an average price target of $132.30. PACCAR insiders have sold 56,842 shares worth approximately $7.6 million over the past 90 days.

Squarepoint Ops LLC decreased its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 26.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 422,325 shares of the company's stock after selling 152,274 shares during the period. Squarepoint Ops LLC owned approximately 0.08% of PACCAR worth $50,730,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Paladin Partners LLC purchased a new position in shares of PACCAR during the second quarter worth $27,000. MCF Advisors LLC boosted its stake in shares of PACCAR by 57.5% in 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 last quarter. Fiduciary Financial Advisors acquired a new stake in PACCAR during the second quarter worth about $28,000. Compass Financial Management LLC purchased a new position in PACCAR during the second quarter valued at approximately $28,000. Finally, Steph & Co. acquired a new position in PACCAR in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Insider Activity

In other PACCAR news, CFO Brice J. Poplawski sold 1,970 shares of PACCAR stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the sale, the chief financial officer directly owned 1,391 shares in the company, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction that occurred 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 a total of 56,842 shares of company stock worth $7,565,677 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

PACCAR Price Performance

NASDAQ:PCAR opened at $122.50 on Wednesday. The stock has a 50 day moving average of $127.93 and a two-hundred day moving average of $121.73. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The firm has a market cap of $64.48 billion, a P/E ratio of 25.74, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm's quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.37 EPS. On average, analysts expect that PACCAR Inc. will post 5.91 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th were issued a dividend of $0.35 per share. The ex-dividend date was Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted 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. Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a research report on Tuesday, August 18th. Truist Financial lifted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Citigroup upped their price objective on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Finally, Morgan Stanley set a $125.00 target price on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Friday. Two investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $132.30.

PACCAR Profile

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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