Stack Financial Management Inc acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 206,102 shares of the company's stock, valued at approximately $24,757,000. PACCAR comprises approximately 1.9% of Stack Financial Management Inc's holdings, making the stock its 20th largest holding.
Several other hedge funds have also added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new position in shares of PACCAR during the 2nd quarter valued at approximately $7,731,000. Tema ETFs LLC raised its holdings in shares of PACCAR by 9.4% in the 2nd quarter. Tema ETFs LLC now owns 8,429 shares of the company's stock worth $1,012,000 after purchasing an additional 725 shares during the period. Allied Private Wealth LLC bought a new stake in shares of PACCAR in the 2nd quarter worth approximately $37,000. Valeo Financial Advisors LLC lifted its stake in PACCAR by 5.1% in the second quarter. Valeo Financial Advisors LLC now owns 4,406 shares of the company's stock valued at $529,000 after purchasing an additional 212 shares during the last quarter. Finally, Czech National Bank lifted its stake in PACCAR by 4.7% in the second quarter. Czech National Bank now owns 149,801 shares of the company's stock valued at $17,994,000 after purchasing an additional 6,711 shares during the last quarter. Institutional investors own 64.90% of the company's stock.
Wall Street Analysts Forecast Growth
PCAR has been the subject of a number of recent research reports. Morgan Stanley set a $119.00 target price on PACCAR in a research report on Wednesday, July 29th. Wells Fargo & Company upped their price target on PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Weiss Ratings downgraded PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. lifted their price objective on PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, Truist Financial boosted their price target on shares of PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $131.70.
Check Out Our Latest Stock Analysis on PACCAR
PACCAR Price Performance
Shares of NASDAQ:PCAR opened at $130.79 on Friday. The company has a 50 day moving average of $125.32 and a 200 day moving average of $121.66. The stock has a market cap of $68.84 billion, a P/E ratio of 27.48, a P/E/G ratio of 1.04 and a beta of 0.97. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. 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 posted its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the firm posted $1.37 EPS. PACCAR's revenue was up .5% on a year-over-year basis. As a group, sell-side analysts forecast that PACCAR Inc. will post 5.85 EPS for the current fiscal year.
PACCAR Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's payout ratio is 29.41%.
Insider Activity
In related news, CFO Brice J. Poplawski sold 1,970 shares of PACCAR stock in a transaction on Friday, July 31st. The stock was 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 owned 1,391 shares of the company's stock, valued at approximately $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R Preston Feight sold 50,975 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the transaction, the chief executive officer owned 268,625 shares of the company's stock, valued at approximately $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 56,842 shares of company stock worth $7,565,677. Company insiders own 1.99% of the company's stock.
PACCAR Profile
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Free Report)
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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