Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of PACCAR Inc (NASDAQ:PCAR) by 8.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,453 shares of the company’s stock after selling 20,308 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PACCAR were worth $14,093,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Trustcore Financial Services LLC raised its position in PACCAR by 8.1% during the first quarter. Trustcore Financial Services LLC now owns 11,112 shares of the company’s stock valued at $735,000 after purchasing an additional 828 shares in the last quarter. Lido Advisors LLC raised its position in PACCAR by 13.6% during the first quarter. Lido Advisors LLC now owns 7,404 shares of the company’s stock valued at $489,000 after purchasing an additional 887 shares in the last quarter. Tradewinds Capital Management LLC grew its stake in shares of PACCAR by 5.3% during the first quarter. Tradewinds Capital Management LLC now owns 18,063 shares of the company’s stock worth $1,195,000 after buying an additional 908 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of PACCAR by 12.3% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 8,788 shares of the company’s stock worth $582,000 after buying an additional 962 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its stake in shares of PACCAR by 10.9% during the first quarter. IFM Investors Pty Ltd now owns 11,133 shares of the company’s stock worth $737,000 after buying an additional 1,093 shares during the last quarter. Institutional investors and hedge funds own 62.97% of the company’s stock.
Shares of PACCAR opened at $63.56 on Friday, Marketbeat reports. The company has a current ratio of 2.52, a quick ratio of 1.00 and a debt-to-equity ratio of 0.69. PACCAR Inc has a twelve month low of $59.82 and a twelve month high of $79.69. The firm has a market capitalization of $22.54 billion, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, July 24th. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.16. PACCAR had a net margin of 9.39% and a return on equity of 22.68%. The company had revenue of $5.47 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. PACCAR’s revenue for the quarter was up 24.3% on a year-over-year basis. sell-side analysts predict that PACCAR Inc will post 5.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 5th. Investors of record on Tuesday, August 14th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.76%. PACCAR’s dividend payout ratio is 26.29%.
PACCAR announced that its Board of Directors has approved a share buyback plan on Monday, July 9th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
A number of analysts have weighed in on PCAR shares. ValuEngine cut shares of PACCAR from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 4th. JPMorgan Chase & Co. set a $72.00 target price on shares of PACCAR and gave the stock a “hold” rating in a research note on Wednesday, April 25th. Macquarie raised shares of PACCAR from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Tuesday, June 5th. Zacks Investment Research cut shares of PACCAR from a “buy” rating to a “hold” rating in a research note on Wednesday, May 16th. Finally, BidaskClub raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 26th. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company. PACCAR has a consensus rating of “Hold” and a consensus price target of $71.64.
In other PACCAR news, VP David J. Danforth sold 3,304 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $65.57, for a total transaction of $216,643.28. Following the sale, the vice president now owns 7,878 shares of the company’s stock, valued at $516,560.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Douglas S. Grandstaff sold 580 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $65.90, for a total transaction of $38,222.00. Following the sale, the vice president now directly owns 5,891 shares in the company, valued at approximately $388,216.90. The disclosure for this sale can be found here. In the last three months, insiders sold 22,982 shares of company stock worth $1,472,441. 2.64% of the stock is currently owned by insiders.
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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