PACCAR Inc (NASDAQ:PCAR) Sees Large Increase in Short Interest

Share on StockTwits

PACCAR Inc (NASDAQ:PCAR) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 8,760,000 shares, an increase of 6.4% from the August 30th total of 8,230,000 shares. Based on an average daily volume of 1,760,000 shares, the short-interest ratio is presently 5.0 days. Currently, 2.6% of the company’s shares are short sold.

PCAR stock traded up $0.60 during trading on Thursday, reaching $70.67. 837,233 shares of the company traded hands, compared to its average volume of 1,697,106. PACCAR has a 12 month low of $53.43 and a 12 month high of $73.00. The business has a 50 day simple moving average of $68.46 and a 200 day simple moving average of $68.96. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 1.47 and a beta of 1.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.26 and a current ratio of 2.43.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.04). PACCAR had a net margin of 9.43% and a return on equity of 25.99%. The company had revenue of $6.27 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the business earned $1.59 EPS. PACCAR’s revenue for the quarter was up 14.6% compared to the same quarter last year. As a group, research analysts forecast that PACCAR will post 6.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 12th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Friday, November 8th. PACCAR’s payout ratio is currently 20.51%.

In other PACCAR news, VP David J. Danforth sold 848 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $71.66, for a total value of $60,767.68. Following the sale, the vice president now owns 4,958 shares in the company, valued at $355,290.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.32% of the company’s stock.

A number of hedge funds have recently modified their holdings of PCAR. Destination Wealth Management acquired a new stake in PACCAR in the second quarter worth about $25,000. Virtus ETF Advisers LLC acquired a new stake in PACCAR in the second quarter worth about $26,000. Advisory Services Network LLC boosted its holdings in PACCAR by 149.4% in the second quarter. Advisory Services Network LLC now owns 434 shares of the company’s stock worth $31,000 after acquiring an additional 260 shares in the last quarter. Enterprise Financial Services Corp boosted its holdings in PACCAR by 76.8% in the second quarter. Enterprise Financial Services Corp now owns 488 shares of the company’s stock worth $35,000 after acquiring an additional 212 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in PACCAR in the first quarter worth about $41,000. 63.68% of the stock is currently owned by institutional investors.

Several equities analysts have recently commented on the company. OTR Global lowered PACCAR from a “mixed” rating to a “negative” rating in a research note on Wednesday, October 9th. Credit Suisse Group raised their price target on PACCAR from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. BidaskClub upgraded PACCAR from a “sell” rating to a “hold” rating in a research note on Friday, September 6th. Morgan Stanley raised their price target on PACCAR from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. cut their price target on PACCAR from $70.00 to $66.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $68.89.

PACCAR Company Profile

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.

Recommended Story: How to calculate the intrinsic value of a stock

Receive News & Ratings for PACCAR Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PACCAR and related companies with MarketBeat.com's FREE daily email newsletter.