Short Interest in PACCAR Inc (NASDAQ:PCAR) Expands By 12.2%

PACCAR Inc (NASDAQ:PCAR) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 7,100,000 shares, a growth of 12.2% from the December 15th total of 6,330,000 shares. Based on an average daily trading volume, of 1,620,000 shares, the days-to-cover ratio is currently 4.4 days. Currently, 2.1% of the shares of the stock are short sold.

In other news, SVP Darrin C. Siver sold 12,474 shares of PACCAR stock in a transaction on Friday, October 25th. The stock was sold at an average price of $77.01, for a total transaction of $960,622.74. Following the completion of the transaction, the senior vice president now owns 30,600 shares of the company’s stock, valued at approximately $2,356,506. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Harrie Schippers sold 7,927 shares of PACCAR stock in a transaction on Friday, November 1st. The stock was sold at an average price of $77.73, for a total value of $616,165.71. Following the transaction, the chief financial officer now directly owns 40,051 shares of the company’s stock, valued at approximately $3,113,164.23. The disclosure for this sale can be found here. Insiders have sold a total of 106,949 shares of company stock valued at $8,207,798 in the last ninety days. Corporate insiders own 2.32% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in PACCAR by 1.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 12,557 shares of the company’s stock valued at $900,000 after purchasing an additional 135 shares in the last quarter. Trustcore Financial Services LLC increased its stake in shares of PACCAR by 1.8% in the 3rd quarter. Trustcore Financial Services LLC now owns 8,414 shares of the company’s stock valued at $589,000 after buying an additional 150 shares during the period. Compagnie Lombard Odier SCmA increased its stake in shares of PACCAR by 35.0% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 606 shares of the company’s stock valued at $43,000 after buying an additional 157 shares during the period. Squar Milner Financial Services LLC increased its stake in shares of PACCAR by 7.9% in the 3rd quarter. Squar Milner Financial Services LLC now owns 2,250 shares of the company’s stock valued at $157,000 after buying an additional 165 shares during the period. Finally, Creative Planning increased its stake in shares of PACCAR by 1.0% in the 3rd quarter. Creative Planning now owns 17,109 shares of the company’s stock valued at $1,198,000 after buying an additional 167 shares during the period. Institutional investors and hedge funds own 63.60% of the company’s stock.

Several research firms have recently issued reports on PCAR. Morgan Stanley lifted their price target on PACCAR from $64.00 to $67.00 and gave the stock an “underweight” rating in a research note on Monday, December 16th. Cowen assumed coverage on PACCAR in a research report on Thursday, January 9th. They set an “underperform” rating and a $66.00 price objective for the company. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on PACCAR from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Finally, Buckingham Research lifted their price objective on PACCAR from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. PACCAR has a consensus rating of “Hold” and a consensus target price of $73.84.

PCAR traded down $0.19 during midday trading on Thursday, hitting $77.71. The company’s stock had a trading volume of 18,214 shares, compared to its average volume of 1,363,246. The company has a current ratio of 2.39, a quick ratio of 2.23 and a debt-to-equity ratio of 0.67. The firm has a market cap of $27.05 billion, a P/E ratio of 12.46, a PEG ratio of 2.01 and a beta of 1.26. The firm has a 50-day moving average price of $80.07 and a two-hundred day moving average price of $73.23. PACCAR has a 52-week low of $59.46 and a 52-week high of $83.41.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.64 by $0.11. The company had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.97 billion. PACCAR had a return on equity of 26.11% and a net margin of 9.45%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.55 EPS. On average, equities analysts expect that PACCAR will post 6.85 EPS for the current year.

The firm also recently announced a None dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th were given a $2.30 dividend. This is a positive change from PACCAR’s previous None dividend of $2.00. The ex-dividend date was Thursday, December 19th. PACCAR’s dividend payout ratio is presently 20.51%.

About PACCAR

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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