Financial Advocates Investment Management reduced its position in PACCAR Inc (NASDAQ:PCAR – Get Rating) by 21.1% in the 2nd quarter, Holdings Channel reports. The firm owned 9,194 shares of the company’s stock after selling 2,466 shares during the quarter. Financial Advocates Investment Management’s holdings in PACCAR were worth $757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently bought and sold shares of PCAR. Trust Co. of Vermont bought a new position in shares of PACCAR during the 2nd quarter valued at about $28,000. Achmea Investment Management B.V. bought a new stake in shares of PACCAR during the 1st quarter worth $33,000. Prospera Financial Services Inc bought a new position in PACCAR in the first quarter valued at about $39,000. CENTRAL TRUST Co increased its stake in shares of PACCAR by 800.0% in the first quarter. CENTRAL TRUST Co now owns 585 shares of the company’s stock valued at $52,000 after buying an additional 520 shares during the period. Finally, SeaCrest Wealth Management LLC acquired a new stake in PACCAR during the second quarter worth approximately $60,000. 64.17% of the stock is owned by institutional investors.
Insider Activity at PACCAR
In related news, CEO R Preston Feight sold 13,900 shares of the stock in a transaction on Friday, October 28th. The shares were sold at an average price of $95.77, for a total value of $1,331,203.00. Following the transaction, the chief executive officer now directly owns 62,377 shares of the company’s stock, valued at approximately $5,973,845.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other PACCAR news, VP Todd R. Hubbard sold 491 shares of PACCAR stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $95.00, for a total transaction of $46,645.00. Following the completion of the transaction, the vice president now owns 1,628 shares in the company, valued at $154,660. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 13,900 shares of PACCAR stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $95.77, for a total transaction of $1,331,203.00. Following the sale, the chief executive officer now owns 62,377 shares of the company’s stock, valued at $5,973,845.29. The disclosure for this sale can be found here. Insiders have sold 43,443 shares of company stock valued at $4,156,381 in the last ninety days. Insiders own 2.05% of the company’s stock.
PACCAR Stock Performance
PACCAR (NASDAQ:PCAR – Get Rating) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.21. The business had revenue of $6.69 billion for the quarter, compared to analyst estimates of $6.65 billion. PACCAR had a net margin of 9.50% and a return on equity of 21.24%. The company’s revenue was up 41.1% on a year-over-year basis. During the same period last year, the business earned $1.08 EPS. As a group, equities research analysts predict that PACCAR Inc will post 8.15 EPS for the current year.
PACCAR Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Tuesday, November 15th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.40%. This is an increase from PACCAR’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, November 14th. PACCAR’s dividend payout ratio (DPR) is 19.81%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on PCAR. Deutsche Bank Aktiengesellschaft lifted their price target on PACCAR from $95.00 to $97.00 in a report on Wednesday, October 26th. Credit Suisse Group boosted their target price on PACCAR from $104.00 to $107.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 26th. Morgan Stanley lifted their price target on PACCAR from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 26th. Raymond James lifted their price target on PACCAR from $100.00 to $105.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 20th. Finally, Vertical Research lowered PACCAR from a “buy” rating to a “hold” rating and boosted their target price for the company from $100.00 to $102.00 in a research note on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, PACCAR currently has a consensus rating of “Hold” and an average target price of $96.36.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.
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