Voleon Capital Management LP Takes Position in PACCAR Inc. $PCAR

Key Points

• Voleon Capital Management LP acquired a new stake in PACCAR Inc. during the first quarter, purchasing 10,234 shares valued at approximately $996,000.
• Several institutional investors, including Wellington Management Group and Pacer Advisors Inc., significantly increased their stakes in PACCAR, showcasing strong institutional interest with 64.90% of the stock owned by such entities.
• PACCAR reported earnings of $1.37 per share for the latest quarter, exceeding estimates, but also noted a 15.7% decline in revenue compared to the previous year.

Voleon Capital Management LP bought a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,234 shares of the company's stock, valued at approximately $996,000.

Several other institutional investors and hedge funds have also made changes to their positions in PCAR. Wellington Management Group LLP lifted its holdings in shares of PACCAR by 20.1% in the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company's stock valued at $1,964,725,000 after purchasing an additional 3,379,165 shares during the last quarter. Pacer Advisors Inc. increased its position in PACCAR by 2,957.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company's stock valued at $205,469,000 after acquiring an additional 2,041,168 shares during the period. The Manufacturers Life Insurance Company increased its position in PACCAR by 177.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company's stock valued at $255,187,000 after acquiring an additional 1,677,736 shares during the period. Jones Financial Companies Lllp increased its position in PACCAR by 16,393.9% in the 1st quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company's stock valued at $139,402,000 after acquiring an additional 1,422,992 shares during the period. Finally, Nuveen LLC acquired a new position in PACCAR in the 1st quarter valued at about $125,566,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the sale, the chief financial officer owned 468 shares in the company, valued at $47,239.92. This represents a 91.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the completion of the sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

PACCAR Stock Performance

PCAR opened at $98.25 on Tuesday. The stock has a market cap of $51.59 billion, a P/E ratio of 16.82, a P/E/G ratio of 3.98 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. The stock's 50 day simple moving average is $98.32 and its 200 day simple moving average is $96.19. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping 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 return on equity of 18.25% and a net margin of 9.88%.The company's revenue was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.13 EPS. As a group, equities analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 14th were issued a $0.33 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's dividend payout ratio is currently 22.60%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup boosted their price target on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and boosted their price target for the company from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Vertical Research raised PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Truist Financial cut their target price on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. Finally, Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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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