The Manufacturers Life Insurance Company Invests $39.06 Million in PACCAR Inc. $PCAR

Key Points

• The Manufacturers Life Insurance Company acquired 325,194 PACCAR shares worth approximately $39.06 million in the second quarter, while institutional investors and hedge funds collectively own 64.9% of the stock.
• PACCAR exceeded quarterly expectations, reporting $1.43 in EPS and $7.55 billion in revenue, compared with estimates of $1.36 and $7.05 billion, respectively.
• The company declared a quarterly dividend of $0.35 per share, equivalent to a $1.40 annualized payout and 1.1% yield; analysts maintain a consensus “Hold” rating with a $131.70 price target.

The Manufacturers Life Insurance Company acquired a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 325,194 shares of the company's stock, valued at approximately $39,062,000. The Manufacturers Life Insurance Company owned 0.06% of PACCAR at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Compass Financial Management LLC purchased a new stake in shares of PACCAR during the 2nd quarter valued at approximately $28,000. Paladin Partners LLC purchased a new position in PACCAR in the second quarter worth approximately $27,000. Fiduciary Financial Advisors purchased a new position in PACCAR in the second quarter worth approximately $28,000. Ares Financial Consulting LLC acquired a new stake in PACCAR during the fourth quarter worth $27,000. Finally, Steph & Co. acquired a new stake in PACCAR during the first quarter worth $29,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Stock Up 0.0%

NASDAQ:PCAR opened at $129.23 on Thursday. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The stock's fifty day moving average is $127.07 and its two-hundred day moving average is $121.91. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24. The stock has a market capitalization of $68.02 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 EPS 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 business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same period last year, the business posted $1.37 earnings per share. The company's quarterly revenue was up .5% on a year-over-year basis. Research analysts anticipate that PACCAR Inc. will post 5.89 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. 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 (DPR) is 29.41%.

Insider Transactions at PACCAR

In other news, CEO R Preston Feight sold 50,975 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the sale, the chief executive officer owned 268,625 shares of the company's stock, 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 the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 1,391 shares of the company's stock, valued at approximately $184,307.50. The trade was a 58.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 56,842 shares of company stock valued at $7,565,677. Insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

PCAR has been the topic of several recent analyst reports. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. Truist Financial raised their price objective on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Wells Fargo & Company boosted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a report on Thursday, July 30th. JPMorgan Chase & Co. upped their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $148.00 target price on shares of PACCAR in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $131.70.

About PACCAR

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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