Wedbush Securities Inc. Reduces Stock Holdings in PACCAR Inc. $PCAR

Wedbush Securities Inc. reduced its position in PACCAR Inc. (NASDAQ:PCAR) by 51.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,860 shares of the company’s stock after selling 7,403 shares during the quarter. Wedbush Securities Inc.’s holdings in PACCAR were worth $824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PCAR. BlackRock Inc. purchased a new stake in PACCAR during the second quarter valued at about $4,927,720,000. Bank of America Corp DE purchased a new stake in shares of PACCAR during the 2nd quarter valued at approximately $1,130,496,000. Norges Bank bought a new position in PACCAR in the 4th quarter worth approximately $727,745,000. Bank of New York Mellon Corp purchased a new position in PACCAR in the 2nd quarter valued at approximately $453,107,000. Finally, Wellington Management Group LLP grew its stake in PACCAR by 18.6% in 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 in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley set a $119.00 price target on PACCAR in a report on Wednesday, July 29th. Citigroup raised their target price on PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Wells Fargo & Company upped their price target on PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Evercore set a $139.00 price target on shares of PACCAR in a report on Monday, May 11th. Finally, Truist Financial boosted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, PACCAR presently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Stock Down 1.4%

PCAR stock opened at $122.45 on Wednesday. The company’s 50 day moving average is $127.54 and its 200 day moving average is $121.82. The stock has a market cap of $64.45 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth ratio of 0.98 and a beta of 0.97. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $139.24.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 earnings per share. Sell-side analysts predict that PACCAR Inc. will post 5.89 EPS for the current fiscal year.

PACCAR Announces Dividend

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

Insider Transactions at PACCAR

In other PACCAR news, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the sale, the vice president owned 3,831 shares in the company, valued at $512,970.90. This trade represents a 43.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of PACCAR stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the sale, the chief executive officer directly owned 268,625 shares of the company’s stock, valued at approximately $35,745,928.75. This trade represents a 15.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 56,842 shares of company stock worth $7,565,677 in the last three months. Insiders own 1.99% of the company’s stock.

About PACCAR

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.