PACCAR Inc (PCAR) Stake Lowered by Bridgewater Associates LP

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Bridgewater Associates LP trimmed its position in shares of PACCAR Inc (NASDAQ:PCAR) by 20.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,847 shares of the company’s stock after selling 19,441 shares during the period. Bridgewater Associates LP’s holdings in PACCAR were worth $4,761,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BlueMountain Capital Management LLC grew its stake in PACCAR by 183.5% during the second quarter. BlueMountain Capital Management LLC now owns 93,150 shares of the company’s stock valued at $5,772,000 after acquiring an additional 60,297 shares in the last quarter. Korea Investment CORP grew its stake in PACCAR by 99.9% during the second quarter. Korea Investment CORP now owns 239,999 shares of the company’s stock valued at $14,870,000 after acquiring an additional 119,968 shares in the last quarter. Commonwealth Bank of Australia grew its stake in PACCAR by 35.2% during the second quarter. Commonwealth Bank of Australia now owns 49,601 shares of the company’s stock valued at $3,006,000 after acquiring an additional 12,926 shares in the last quarter. Stephens Inc. AR grew its stake in PACCAR by 522.5% during the second quarter. Stephens Inc. AR now owns 25,093 shares of the company’s stock valued at $1,555,000 after acquiring an additional 21,062 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in PACCAR by 2.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 132,924 shares of the company’s stock valued at $8,237,000 after acquiring an additional 3,194 shares in the last quarter. Hedge funds and other institutional investors own 61.06% of the company’s stock.

In related news, insider Darrin C. Siver sold 5,750 shares of PACCAR stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $64.46, for a total transaction of $370,645.00. Following the completion of the transaction, the insider now directly owns 22,596 shares of the company’s stock, valued at approximately $1,456,538.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David J. Danforth sold 3,304 shares of PACCAR stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $65.57, for a total transaction of $216,643.28. Following the transaction, the vice president now directly owns 7,878 shares of the company’s stock, valued at $516,560.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,634 shares of company stock valued at $625,510. 2.64% of the stock is owned by corporate insiders.

PCAR stock opened at $69.91 on Thursday. PACCAR Inc has a 12 month low of $59.82 and a 12 month high of $79.69. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.52 and a quick ratio of 2.34. The stock has a market cap of $23.98 billion, a P/E ratio of 16.41, a PEG ratio of 1.05 and a beta of 1.25.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 24th. The company reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.16. PACCAR had a net margin of 9.39% and a return on equity of 22.68%. The firm had revenue of $5.47 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the previous year, the company earned $1.06 EPS. The firm’s revenue for the quarter was up 24.3% compared to the same quarter last year. research analysts expect that PACCAR Inc will post 6.03 earnings per share for the current year.

PACCAR declared that its board has approved a share repurchase program on Monday, July 9th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Tuesday, August 14th were paid a dividend of $0.28 per share. The ex-dividend date was Monday, August 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.60%. PACCAR’s dividend payout ratio is presently 26.29%.

Several equities analysts recently 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. Macquarie raised shares of PACCAR from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company 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. BidaskClub raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 26th. Finally, Robert W. Baird cut shares of PACCAR from a “neutral” rating to an “underperform” rating in a research note on Monday, July 2nd. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. PACCAR currently has an average rating of “Hold” and an average price target of $71.64.

About PACCAR

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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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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