Pinnacle West Asset Management Inc. Makes New $699,000 Investment in PACCAR Inc. $PCAR

Pinnacle West Asset Management Inc. acquired a new stake in PACCAR Inc. (NASDAQ:PCAR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,820 shares of the company’s stock, valued at approximately $699,000.

Several other large investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of PACCAR in the 2nd quarter worth about $4,927,720,000. Norges Bank purchased a new stake in PACCAR during the fourth quarter worth about $727,745,000. Bank of New York Mellon Corp purchased a new stake in PACCAR during the second quarter worth about $453,107,000. Wellington Management Group LLP increased its holdings in PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after buying an additional 3,597,283 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in PACCAR in the second quarter worth about $239,460,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $131.03 on Friday. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $68.97 billion, a PE ratio of 27.53, a P/E/G ratio of 1.02 and a beta of 0.97. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $139.24. The company has a 50-day moving average price of $126.48 and a two-hundred day moving average price of $121.90.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter last year, the company earned $1.37 earnings per share. The company’s revenue was up .5% on a year-over-year basis. Equities analysts forecast that PACCAR Inc. will post 5.89 EPS for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s payout ratio is currently 29.41%.

Analysts Set New Price Targets

PCAR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Wells Fargo & Company lifted their price target on shares of PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Truist Financial upped their price objective on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Citigroup increased their price objective on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Evercore set a $139.00 target price on PACCAR in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $131.70.

Insider Buying and Selling at PACCAR

In other news, VP William Lance Walters sold 1,000 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total value of $133,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brice J. Poplawski sold 1,970 shares of PACCAR stock in a transaction on Friday, July 31st. The shares were sold at an average price of $132.50, for a total value of $261,025.00. Following the completion of the transaction, the chief financial officer owned 1,391 shares of the company’s stock, valued at approximately $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is owned by insiders.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.