PACCAR Inc (PCAR) Sees Significant Decrease in Short Interest

PACCAR Inc (NASDAQ:PCAR) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totalling 6,893,824 shares, a decline of 15.9% from the September 28th total of 8,197,402 shares. Currently, 2.0% of the company’s stock are short sold. Based on an average trading volume of 1,851,658 shares, the days-to-cover ratio is presently 3.7 days.

PACCAR stock opened at $55.81 on Tuesday. The firm has a market cap of $19.39 billion, a P/E ratio of 13.10, a PEG ratio of 0.83 and a beta of 1.25. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.31 and a quick ratio of 1.05. PACCAR has a one year low of $53.95 and a one year high of $79.69.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 23rd. The company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.04. The company had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.50 billion. PACCAR had a return on equity of 23.52% and a net margin of 9.73%. PACCAR’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. As a group, research analysts anticipate that PACCAR will post 6.15 earnings per share for the current year.



The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 13th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Friday, November 9th. PACCAR’s payout ratio is 26.29%.

PACCAR announced that its Board of Directors has approved a share repurchase program on Monday, July 9th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

In other PACCAR news, insider Darrin C. Siver sold 5,750 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $64.46, for a total value of $370,645.00. Following the sale, the insider now directly owns 22,596 shares of the company’s stock, valued at $1,456,538.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.64% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PCAR. Federated Investors Inc. PA increased its position in PACCAR by 9,286.5% in the second quarter. Federated Investors Inc. PA now owns 902,329 shares of the company’s stock worth $55,908,000 after buying an additional 892,716 shares in the last quarter. Schroder Investment Management Group increased its position in PACCAR by 934.2% in the second quarter. Schroder Investment Management Group now owns 869,356 shares of the company’s stock worth $53,935,000 after buying an additional 785,295 shares in the last quarter. LSV Asset Management increased its position in PACCAR by 486.7% in the second quarter. LSV Asset Management now owns 469,933 shares of the company’s stock worth $29,117,000 after buying an additional 389,833 shares in the last quarter. FMR LLC increased its position in PACCAR by 8.8% in the second quarter. FMR LLC now owns 4,794,270 shares of the company’s stock worth $297,053,000 after buying an additional 389,659 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in PACCAR by 164.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 450,000 shares of the company’s stock worth $30,686,000 after buying an additional 280,000 shares in the last quarter. Institutional investors and hedge funds own 61.28% of the company’s stock.

Several research analysts have recently weighed in on the company. Zacks Investment Research cut PACCAR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 25th. BidaskClub upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, August 22nd. ValuEngine cut PACCAR from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Wolfe Research cut PACCAR from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. Finally, Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating in a research note on Monday, August 6th. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $68.73.

About PACCAR

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

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