Pinnacle West Asset Management Inc. Takes Position in PACCAR Inc. $PCAR

Pinnacle West Asset Management Inc. acquired a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,820 shares of the company’s stock, valued at approximately $699,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCAR. Paladin Partners LLC purchased a new position in shares of PACCAR during the 2nd quarter valued at $27,000. Ares Financial Consulting LLC purchased a new stake in shares of PACCAR in the fourth quarter worth $27,000. Steph & Co. purchased a new stake in shares of PACCAR in the first quarter worth $29,000. MCF Advisors LLC boosted its stake in PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after buying an additional 92 shares during the period. Finally, Elyxium Wealth LLC bought a new stake in PACCAR during the fourth quarter valued at $30,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCAR. Truist Financial upped their target price on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Morgan Stanley set a $119.00 price target on PACCAR in a research report on Wednesday, July 29th. Evercore set a $139.00 price objective on shares of PACCAR in a research report on Monday, May 11th. JPMorgan Chase & Co. raised 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. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $148.00 target price on shares of PACCAR in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $131.70.

Insider Buying and Selling at PACCAR

In related news, VP Paulo Henrique Bolgar sold 2,897 shares of PACCAR 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 transaction, the vice president owned 3,831 shares in the company, valued at $512,970.90. This trade represents a 43.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Lance Walters sold 1,000 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,842 shares of company stock worth $7,565,677 in the last quarter. 1.99% of the stock is currently owned by company insiders.

PACCAR Price Performance

PCAR opened at $131.03 on Friday. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $68.97 billion, a P/E ratio of 27.53, a PEG ratio of 1.02 and a beta of 0.97. The stock has a 50-day moving average price of $126.48 and a 200-day moving average price of $121.90. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $139.24.

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 company had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.PACCAR’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm posted $1.37 EPS. Equities analysts predict that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Announces Dividend

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

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.