Castleark Management LLC Invests $694,000 in PACCAR Inc. $PCAR

Castleark Management LLC bought a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 5,774 shares of the company’s stock, valued at approximately $694,000.

A number of other institutional investors have also recently made changes to their positions in PCAR. BlackRock Inc. bought a new stake in shares of PACCAR in the 2nd quarter valued at approximately $4,927,720,000. Wellington Management Group LLP increased its position in shares of PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after purchasing an additional 3,597,283 shares during the last quarter. State Street Corp raised its holdings in PACCAR by 0.4% during the 4th quarter. State Street Corp now owns 22,497,197 shares of the company’s stock valued at $2,494,269,000 after buying an additional 94,869 shares during the period. Geode Capital Management LLC raised its holdings in PACCAR by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock valued at $1,350,867,000 after buying an additional 50,622 shares during the period. Finally, Norges Bank bought a new stake in PACCAR in the fourth quarter worth $727,745,000. Institutional investors own 64.90% of the company’s stock.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 50,975 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the transaction, the chief executive officer owned 268,625 shares of the company’s stock, valued at $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the sale, the vice president directly owned 3,831 shares in the company, valued at $512,970.90. This trade represents a 43.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is currently owned by corporate insiders.

PACCAR Stock Up 0.0%

NASDAQ:PCAR opened at $129.23 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $139.24. The company has a 50-day moving average of $127.07 and a 200 day moving average of $121.91. The firm has a market cap of $68.02 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating 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 the consensus estimate of $7.05 billion. During the same quarter last year, the firm posted $1.37 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. As a group, research analysts anticipate that PACCAR Inc. will post 5.89 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is presently 29.41%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PCAR shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on shares of PACCAR in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PACCAR in a research report on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price target on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Truist Financial boosted their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, PACCAR has a consensus rating of “Hold” and an average target price of $131.70.

PACCAR Company Profile

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.