Hsbc Holdings PLC Takes $236.43 Million Position in PACCAR Inc. $PCAR

Hsbc Holdings PLC bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,966,444 shares of the company’s stock, valued at approximately $236,428,000. Hsbc Holdings PLC owned 0.37% of PACCAR as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in PCAR. BlackRock Inc. purchased a new position in PACCAR during the 2nd quarter valued at about $4,927,720,000. Norges Bank bought a new position in shares of PACCAR during the fourth quarter valued at approximately $727,745,000. Bank of New York Mellon Corp purchased a new position in PACCAR during the second quarter valued at approximately $453,107,000. Wellington Management Group LLP raised its stake in PACCAR by 18.6% in 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 in the last quarter. Finally, Legal & General Group Plc purchased a new stake in PACCAR during the second quarter worth $335,776,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Down 0.6%

Shares of PCAR stock opened at $129.22 on Wednesday. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $139.24. The firm has a market capitalization of $68.02 billion, a PE ratio of 27.15, a P/E/G ratio of 1.02 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The stock’s 50-day simple moving average is $126.83 and its 200-day simple moving average is $121.90.

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

PACCAR Announces Dividend

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

Insider Buying and Selling

In other news, CEO R Preston Feight sold 50,975 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the sale, the chief executive officer owned 268,625 shares of the company’s stock, valued at $35,745,928.75. This trade represents a 15.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the transaction, the vice president owned 3,831 shares of the company’s stock, valued at approximately $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 56,842 shares of company stock valued at $7,565,677 in the last three months. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

PCAR has been the topic of a number of analyst reports. Sanford C. Bernstein reiterated an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Evercore set a $139.00 target price on shares of PACCAR in a report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Finally, Wells Fargo & Company boosted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $131.70.

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.