Corient Private Wealth LP Buys New Position in PACCAR Inc. $PCAR

Corient Private Wealth LP purchased a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 1,395,045 shares of the company’s stock, valued at approximately $167,573,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PCAR. Ancora Advisors LLC bought a new stake in shares of PACCAR in the second quarter worth $16,286,000. Nomura Asset Management Co. Ltd. boosted its stake in PACCAR by 2.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock valued at $45,281,000 after acquiring an additional 9,524 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 acquiring an additional 50,622 shares during the last quarter. Swiss Life Asset Management Ltd grew its holdings in PACCAR by 118.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock worth $69,943,000 after acquiring an additional 345,937 shares in the last quarter. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new position in PACCAR during the 1st quarter worth $9,273,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Trading Up 0.0%

PACCAR stock opened at $129.23 on Thursday. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The firm’s 50-day moving average is $127.07 and its 200-day moving average is $121.91. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The company has a market cap of $68.02 billion, a P/E ratio of 27.15, a PEG ratio of 1.02 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. The business had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.37 EPS. On average, equities analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is 29.41%.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent analyst reports. 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 note on Wednesday, July 29th. Truist Financial lifted their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Citigroup boosted their price objective on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Finally, Morgan Stanley set a $119.00 target price on PACCAR in a report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $131.70.

Insider Buying and Selling

In related news, CFO Brice J. Poplawski sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $132.50, for a total value of $261,025.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. The SEC filing for this sale provides additional information. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 over the last three months. 1.99% of the stock is owned by company insiders.

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.