Pitcairn Co. Acquires New Shares in PACCAR Inc (NASDAQ:PCAR)

Pitcairn Co. bought a new position in PACCAR Inc (NASDAQ:PCAR) during the 2nd quarter, Holdings Channel.com reports. The fund bought 2,971 shares of the company’s stock, valued at approximately $223,000.

Other large investors have also recently made changes to their positions in the company. FDx Advisors Inc. boosted its position in PACCAR by 174.0% in the first quarter. FDx Advisors Inc. now owns 20,096 shares of the company’s stock worth $30,000 after purchasing an additional 12,761 shares during the last quarter. MCF Advisors LLC purchased a new position in PACCAR in the first quarter worth about $46,000. Ellevest Inc. boosted its position in PACCAR by 56.8% in the first quarter. Ellevest Inc. now owns 784 shares of the company’s stock worth $48,000 after purchasing an additional 284 shares during the last quarter. Enterprise Financial Services Corp boosted its position in PACCAR by 146.2% in the first quarter. Enterprise Financial Services Corp now owns 1,056 shares of the company’s stock worth $65,000 after purchasing an additional 627 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new position in PACCAR in the second quarter worth about $78,000. 61.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of PCAR opened at $85.08 on Friday. The business’s 50 day moving average is $77.32 and its 200 day moving average is $71.48. The company has a market capitalization of $29.41 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. PACCAR Inc has a 12-month low of $49.11 and a 12-month high of $87.24. The company has a current ratio of 1.32, a quick ratio of 1.09 and a debt-to-equity ratio of 0.75.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 21st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.12. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.88 billion. PACCAR had a return on equity of 16.85% and a net margin of 7.95%. The firm’s quarterly revenue was down 56.9% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. Equities research analysts predict that PACCAR Inc will post 3.29 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be paid a $0.32 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.28 dividend on an annualized basis and a yield of 1.50%. PACCAR’s payout ratio is presently 18.63%.

In other PACCAR news, VP Todd R. Hubbard sold 7,416 shares of PACCAR stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $85.90, for a total value of $637,034.40. Following the sale, the vice president now owns 9,430 shares of the company’s stock, valued at approximately $810,037. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP C Michael Dozier sold 12,158 shares of PACCAR stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $85.40, for a total value of $1,038,293.20. Following the completion of the sale, the senior vice president now directly owns 9,923 shares in the company, valued at approximately $847,424.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,574 shares of company stock worth $2,019,488. Corporate insiders own 2.18% of the company’s stock.

Several research analysts have issued reports on PCAR shares. BidaskClub raised PACCAR from a “sell” rating to a “hold” rating in a research report on Thursday, July 16th. Cowen raised PACCAR to a “hold” rating and raised their price objective for the stock from $65.00 to $83.00 in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on PACCAR from $80.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. Piper Sandler downgraded PACCAR from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $66.00 to $73.00 in a research note on Tuesday, May 12th. Finally, Wells Fargo & Co raised their price objective on PACCAR from $80.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $85.21.

PACCAR Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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