Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in PACCAR Inc (NASDAQ:PCAR) by 36.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,591 shares of the company’s stock after selling 67,999 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PACCAR were worth $8,163,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of PCAR. Destination Wealth Management bought a new stake in PACCAR during the second quarter worth about $25,000. Virtus ETF Advisers LLC bought a new stake in PACCAR during the second quarter worth about $26,000. Advisory Services Network LLC lifted its stake in PACCAR by 149.4% during the second quarter. Advisory Services Network LLC now owns 434 shares of the company’s stock worth $31,000 after purchasing an additional 260 shares during the last quarter. Enterprise Financial Services Corp lifted its stake in PACCAR by 76.8% during the second quarter. Enterprise Financial Services Corp now owns 488 shares of the company’s stock worth $35,000 after purchasing an additional 212 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in PACCAR during the second quarter worth about $41,000. 63.61% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently commented on the company. Morgan Stanley lifted their price objective on PACCAR from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Wednesday, July 24th. Credit Suisse Group lifted their price objective on PACCAR from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. BidaskClub upgraded PACCAR from a “sell” rating to a “hold” rating in a report on Friday, September 6th. OTR Global downgraded PACCAR from a “mixed” rating to a “negative” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. decreased their price objective on PACCAR from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $68.89.
PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 22nd. The company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.97 billion. PACCAR had a net margin of 9.43% and a return on equity of 25.99%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.55 earnings per share. As a group, equities analysts anticipate that PACCAR Inc will post 6.72 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 12th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Friday, November 8th. PACCAR’s dividend payout ratio is presently 20.51%.
In related news, VP David J. Danforth sold 848 shares of the 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 completion of the sale, the vice president now owns 4,958 shares in the company, valued at approximately $355,290.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.32% of the company’s stock.
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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