CHICAGO TRUST Co NA boosted its stake in PACCAR Inc (NASDAQ:PCAR) by 10.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,255 shares of the company’s stock after purchasing an additional 1,660 shares during the quarter. CHICAGO TRUST Co NA’s holdings in PACCAR were worth $1,209,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Destination Wealth Management purchased a new stake in PACCAR in the second quarter valued at approximately $25,000. Virtus ETF Advisers LLC purchased a new stake in PACCAR in the second quarter valued at approximately $26,000. Advisory Services Network LLC grew its holdings in PACCAR by 149.4% in the second quarter. Advisory Services Network LLC now owns 434 shares of the company’s stock valued at $31,000 after purchasing an additional 260 shares during the period. Enterprise Financial Services Corp grew its holdings in PACCAR by 76.8% in the second quarter. Enterprise Financial Services Corp now owns 488 shares of the company’s stock valued at $35,000 after purchasing an additional 212 shares during the period. Finally, Meridian Wealth Management LLC purchased a new stake in PACCAR in the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 63.66% of the company’s stock.
In other news, VP David J. Danforth sold 848 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $71.66, for a total transaction of $60,767.68. Following the transaction, the vice president now directly owns 4,958 shares of the company’s stock, valued at $355,290.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.32% of the company’s stock.
PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 23rd. The company reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.04). PACCAR had a return on equity of 25.99% and a net margin of 9.43%. The firm had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the firm posted $1.59 earnings per share. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. As a group, sell-side analysts expect that PACCAR Inc will post 6.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.91%. PACCAR’s payout ratio is currently 20.51%.
A number of equities research analysts recently issued reports on PCAR shares. ValuEngine upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Loop Capital downgraded shares of PACCAR from a “hold” rating to a “sell” rating and lowered their target price for the company from $70.00 to $62.00 in a report on Tuesday, July 2nd. JPMorgan Chase & Co. upgraded shares of PACCAR from an “underweight” rating to a “neutral” rating and lowered their target price for the company from $87.00 to $66.00 in a report on Wednesday, July 24th. Credit Suisse Group boosted their target price on shares of PACCAR from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Morgan Stanley boosted their target price on shares of PACCAR from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the stock. PACCAR presently has an average rating of “Hold” and an average price target of $68.89.
PACCAR Company 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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