PACCAR Inc. (PCAR) Stake Reduced by Midwest Investment Management LLC
Midwest Investment Management LLC lowered its position in PACCAR Inc. (NASDAQ:PCAR) by 2.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 24,894 shares of the company’s stock after selling 565 shares during the period. Midwest Investment Management LLC’s holdings in PACCAR were worth $1,644,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its position in shares of PACCAR by 6.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,588 shares of the company’s stock worth $107,000 after buying an additional 95 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in shares of PACCAR by 33.3% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,600 shares of the company’s stock worth $108,000 after buying an additional 400 shares during the period. IFP Advisors Inc boosted its position in shares of PACCAR by 91.1% in the second quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock worth $123,000 after buying an additional 890 shares during the period. State of Alaska Department of Revenue boosted its position in shares of PACCAR by 29.9% in the second quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock worth $143,000 after buying an additional 500 shares during the period. Finally, Perkins Coie Trust Co boosted its position in shares of PACCAR by 102.8% in the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock worth $151,000 after buying an additional 1,157 shares during the period. Hedge funds and other institutional investors own 62.33% of the company’s stock.
Shares of PACCAR Inc. (NASDAQ:PCAR) opened at 63.15 on Friday. PACCAR Inc. has a 12 month low of $53.38 and a 12 month high of $70.32. The company has a 50-day moving average price of $67.36 and a 200-day moving average price of $66.45. The firm has a market cap of $22.19 billion, a price-to-earnings ratio of 16.90 and a beta of 1.14.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.29 billion. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 earnings per share. Analysts forecast that PACCAR Inc. will post $4.00 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 6th. Shareholders of record on Wednesday, August 16th will be issued a $0.25 dividend. The ex-dividend date is Monday, August 14th. This represents a $1.00 annualized dividend and a yield of 1.58%. PACCAR’s payout ratio is currently 26.74%.
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A number of brokerages have issued reports on PCAR. UBS AG upgraded PACCAR from a “neutral” rating to a “buy” rating and raised their target price for the stock from $66.00 to $75.00 in a report on Tuesday, June 6th. BidaskClub cut PACCAR from a “buy” rating to a “hold” rating in a report on Monday. Jefferies Group LLC set a $77.00 target price on PACCAR and gave the stock a “buy” rating in a report on Sunday, May 28th. Barclays PLC set a $56.00 target price on PACCAR and gave the stock a “sell” rating in a report on Wednesday, April 26th. Finally, Zacks Investment Research cut PACCAR from a “buy” rating to a “hold” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $72.00.
In other PACCAR news, insider T. Kyle Quinn sold 2,786 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total value of $189,141.54. Following the transaction, the insider now owns 20,800 shares in the company, valued at $1,412,112. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.64% of the stock is currently owned by corporate insiders.
PACCAR Company Profile
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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