MUFG Americas Holdings Corp Trims Holdings in PACCAR Inc (PCAR)

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MUFG Americas Holdings Corp trimmed its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 13.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,742 shares of the company’s stock after selling 1,005 shares during the quarter. MUFG Americas Holdings Corp’s holdings in PACCAR were worth $460,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PCAR. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 1,505,929 shares during the last quarter. FMR LLC boosted its stake in shares of PACCAR by 26.1% in the 3rd quarter. FMR LLC now owns 6,043,716 shares of the company’s stock valued at $412,121,000 after purchasing an additional 1,249,446 shares during the last quarter. Federated Investors Inc. PA boosted its stake in shares of PACCAR by 9,286.5% in the 2nd quarter. Federated Investors Inc. PA now owns 902,329 shares of the company’s stock valued at $55,908,000 after purchasing an additional 892,716 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of PACCAR by 934.2% in the 2nd quarter. Schroder Investment Management Group now owns 869,356 shares of the company’s stock valued at $53,935,000 after purchasing an additional 785,295 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in shares of PACCAR by 75.1% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,780,223 shares of the company’s stock valued at $121,393,000 after purchasing an additional 763,338 shares during the last quarter. 60.57% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR stock opened at $56.57 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.44 and a current ratio of 2.63. PACCAR Inc has a 12-month low of $53.95 and a 12-month high of $79.69. The firm has a market cap of $19.83 billion, a P/E ratio of 13.28, a P/E/G ratio of 0.85 and a beta of 1.41.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 23rd. The company reported $1.55 earnings per share (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 the consensus estimate of $5.50 billion. During the same quarter in the previous year, the company earned $1.14 EPS. PACCAR’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts expect that PACCAR Inc will post 6.16 EPS for the current fiscal year.

PACCAR declared that its board has authorized a stock buyback program on Tuesday, December 4th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently announced a dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 14th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Thursday, December 13th. PACCAR’s payout ratio is presently 26.29%.

In other PACCAR news, 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 transaction, the insider now owns 3,080,449 shares in the company, valued at $181,253,619.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Douglas S. Grandstaff sold 607 shares of the company’s stock in a transaction on Tuesday, November 13th. The stock was sold at an average price of $59.67, for a total transaction of $36,219.69. Following the transaction, the vice president now owns 5,284 shares in the company, valued at approximately $315,296.28. The disclosure for this sale can be found here. Insiders have sold a total of 195,262 shares of company stock worth $11,490,110 in the last quarter. 2.64% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on PCAR shares. ValuEngine raised shares of PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, August 18th. BidaskClub raised shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, August 22nd. Zacks Investment Research lowered shares of PACCAR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Wolfe Research lowered shares of PACCAR from a “peer perform” rating to an “underperform” rating in a research note on Friday, October 5th. Finally, Loop Capital started coverage on shares of PACCAR in a research note on Wednesday, October 17th. They issued a “hold” rating and a $68.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $69.02.

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PACCAR Profile

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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