AMP Capital Investors Ltd trimmed its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 36.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,771 shares of the company’s stock after selling 57,261 shares during the quarter. AMP Capital Investors Ltd’s holdings in PACCAR were worth $6,890,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in PCAR. Bank of New York Mellon Corp increased its position in PACCAR by 33.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,026,604 shares of the company’s stock worth $410,954,000 after purchasing an additional 1,505,929 shares in the last quarter. FMR LLC increased its position in PACCAR by 26.1% during the 3rd quarter. FMR LLC now owns 6,043,716 shares of the company’s stock worth $412,121,000 after purchasing an additional 1,249,446 shares in the last quarter. Federated Investors Inc. PA increased its position in PACCAR by 9,286.5% during the 2nd quarter. Federated Investors Inc. PA now owns 902,329 shares of the company’s stock worth $55,908,000 after purchasing an additional 892,716 shares in the last quarter. Schroder Investment Management Group increased its position in PACCAR by 934.2% during the 2nd quarter. Schroder Investment Management Group now owns 869,356 shares of the company’s stock worth $53,935,000 after purchasing an additional 785,295 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in PACCAR by 75.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,780,223 shares of the company’s stock worth $121,393,000 after purchasing an additional 763,338 shares in the last quarter. Institutional investors and hedge funds own 60.57% of the company’s stock.
PCAR opened at $57.09 on Friday. PACCAR Inc has a fifty-two week low of $53.95 and a fifty-two week high of $79.69. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.44 and a current ratio of 2.63. The company has a market cap of $20.79 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.41.
PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 23rd. The company reported $1.55 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.04. PACCAR had a net margin of 9.73% and a return on equity of 23.52%. The company had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same period in the prior year, the firm posted $1.14 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. Equities research analysts forecast that PACCAR Inc will post 6.16 EPS for the current fiscal year.
PACCAR announced that its board has approved a share buyback plan on Tuesday, December 4th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a dividend, which will be paid on Friday, January 4th. Stockholders of record on Friday, December 14th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Thursday, December 13th. PACCAR’s dividend payout ratio is currently 26.29%.
In other news, VP Douglas S. Grandstaff sold 607 shares of the company’s stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $59.67, for a total value of $36,219.69. Following the sale, the vice president now directly owns 5,284 shares of the company’s stock, valued at approximately $315,296.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark C. Pigott sold 194,004 shares of the company’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $58.84, for a total transaction of $11,415,195.36. Following the completion of the sale, the insider now directly owns 3,080,449 shares in the company, valued at $181,253,619.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 195,262 shares of company stock worth $11,490,110. Insiders own 2.64% of the company’s stock.
PCAR has been the subject of a number of research analyst reports. Zacks Investment Research cut shares of PACCAR from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 25th. BidaskClub upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, August 22nd. Piper Jaffray Companies raised shares of PACCAR from a “neutral” rating to an “overweight” rating and set a $67.00 target price on the stock in a report on Wednesday, October 24th. Citigroup reduced their target price on shares of PACCAR from $67.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, October 24th. Finally, Wolfe Research lowered shares of PACCAR from a “peer perform” rating to an “underperform” rating in a report on Friday, October 5th. Five research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the stock. PACCAR presently has a consensus rating of “Hold” and a consensus price target of $69.02.
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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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