Saudi Central Bank Raises Stock Holdings in PACCAR Inc. $PCAR

Saudi Central Bank raised its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 90.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 36,838 shares of the company’s stock after acquiring an additional 17,452 shares during the period. Saudi Central Bank’s holdings in PACCAR were worth $4,425,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PCAR. BlackRock Inc. bought a new position in PACCAR during the second quarter valued at approximately $4,927,720,000. Bank of America Corp DE bought a new stake in PACCAR in the 2nd quarter worth approximately $1,130,496,000. Norges Bank purchased a new stake in PACCAR during the 4th quarter valued at $727,745,000. Bank of New York Mellon Corp purchased a new stake in PACCAR during the 2nd quarter valued at $453,107,000. Finally, Wellington Management Group LLP lifted its holdings 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 buying an additional 3,597,283 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Activity

In other PACCAR news, CEO R Feight sold 50,975 shares of the company’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 directly owned 268,625 shares in the company, valued at $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brice J. Poplawski sold 1,970 shares of the firm’s stock in a transaction 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 sale, the chief financial officer owned 1,391 shares in the company, valued at $184,307.50. The trade was a 58.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 56,842 shares of company stock valued at $7,565,677. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on PCAR. Sanford C. Bernstein restated an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a research note on Wednesday, July 29th. Morgan Stanley set a $125.00 target price on PACCAR and gave the company an “equal weight” rating in a report on Friday. Wells Fargo & Company raised their target price on PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. upped their price target 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. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, PACCAR currently has a consensus rating of “Hold” and an average target price of $132.30.

PACCAR Price Performance

NASDAQ PCAR opened at $124.70 on Monday. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24. 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 company has a market capitalization of $65.64 billion, a P/E ratio of 26.20, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. The stock’s 50-day moving average price is $127.78 and its 200-day moving average price is $121.77.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm’s revenue was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 EPS. On average, equities research analysts predict that PACCAR Inc. will post 5.91 earnings per share for the current year.

PACCAR Dividend Announcement

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

PACCAR 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.