Institute for Wealth Management LLC. Purchases 989 Shares of PACCAR Inc (NASDAQ:PCAR)

Institute for Wealth Management LLC. increased its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 36.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,705 shares of the company’s stock after buying an additional 989 shares during the period. Institute for Wealth Management LLC.’s holdings in PACCAR were worth $381,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Miracle Mile Advisors LLC lifted its holdings in PACCAR by 3.8% during the first quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock valued at $307,000 after purchasing an additional 91 shares during the last quarter. Security National Bank lifted its position in shares of PACCAR by 4.2% during the second quarter. Security National Bank now owns 2,328 shares of the company’s stock worth $240,000 after acquiring an additional 93 shares in the last quarter. Brookstone Capital Management grew its position in shares of PACCAR by 4.1% in the second quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock valued at $258,000 after purchasing an additional 94 shares in the last quarter. Morningstar Investment Management LLC raised its stake in shares of PACCAR by 1.3% during the 4th quarter. Morningstar Investment Management LLC now owns 7,575 shares of the company’s stock valued at $740,000 after purchasing an additional 97 shares during the period. Finally, Graypoint LLC lifted its holdings in PACCAR by 2.9% during the 1st quarter. Graypoint LLC now owns 3,557 shares of the company’s stock worth $441,000 after purchasing an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

PCAR traded up $1.18 during midday trading on Friday, reaching $96.46. The company had a trading volume of 1,771,613 shares, compared to its average volume of 2,634,815. PACCAR Inc has a 1 year low of $80.94 and a 1 year high of $125.50. The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $50.56 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.47 and a beta of 0.92. The business has a 50-day moving average of $100.31 and a two-hundred day moving average of $108.04.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.30 billion. During the same quarter last year, the firm posted $2.33 EPS. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. As a group, equities research analysts predict that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Thursday, August 15th. PACCAR’s dividend payout ratio is currently 12.45%.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the transaction, the chief executive officer now directly owns 162,782 shares in the company, valued at approximately $16,066,583.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.02% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on PCAR. Deutsche Bank Aktiengesellschaft lowered their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Citigroup reduced their target price on PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Truist Financial dropped their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 24th. Finally, Raymond James assumed coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $112.73.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.