Zurcher Kantonalbank Zurich Cantonalbank Acquires 72,269 Shares of PACCAR Inc. (NASDAQ:PCAR)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in PACCAR Inc. by 33.8% in the first quarter, owning approximately 0.05% of the company valued at $27.88 million.
• Analysts have mixed ratings on PACCAR, with a consensus rating of "Moderate Buy" and a target price of $107.77, while several firms have recently adjusted their ratings and price targets.
• PACCAR announced a quarterly dividend of $0.33, representing an annualized yield of 1.31%, with a payout ratio of 22.60% as of the latest quarter.

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 33.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 286,333 shares of the company's stock after buying an additional 72,269 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of PACCAR worth $27,880,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. LPL Financial LLC increased its stake in shares of PACCAR by 6.1% in the 4th quarter. LPL Financial LLC now owns 212,405 shares of the company's stock worth $22,094,000 after acquiring an additional 12,143 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of PACCAR by 15.1% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 794,946 shares of the company's stock worth $77,404,000 after buying an additional 104,281 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in PACCAR by 62.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock valued at $3,533,000 after purchasing an additional 13,904 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in PACCAR by 51.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock valued at $1,262,000 after purchasing an additional 4,429 shares in the last quarter. Finally, Moran Wealth Management LLC lifted its holdings in shares of PACCAR by 28.8% in the first quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock worth $22,898,000 after buying an additional 52,525 shares in the last quarter. Institutional investors own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Evercore ISI lowered their target price on shares of PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Morgan Stanley cut shares of PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 target price on the stock. in a report on Wednesday, April 16th. Finally, Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price target for the company in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $107.77.

Insiders Place Their Bets

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

PACCAR Trading Down 2.4%

Shares of NASDAQ PCAR traded down $2.39 during midday trading on Friday, hitting $96.38. The stock had a trading volume of 1,655,639 shares, compared to its average volume of 2,940,192. The company has a market capitalization of $50.59 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 3.95 and a beta of 0.94. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a quick ratio of 1.40, a current ratio of 1.73 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average price of $95.35 and a 200 day moving average price of $98.11.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. The business had revenue of $6.96 billion for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $2.13 EPS. On average, analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.4%. PACCAR's payout ratio is currently 22.60%.

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.