Castleark Management LLC Purchases Shares of 5,774 PACCAR Inc. $PCAR

Castleark Management LLC acquired a new stake in PACCAR Inc. (NASDAQ:PCAR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,774 shares of the company’s stock, valued at approximately $694,000.

A number of other institutional investors also recently modified their holdings of the company. Legal & General Group Plc bought a new stake in shares of PACCAR in the 2nd quarter worth approximately $335,776,000. The Manufacturers Life Insurance Company bought a new position in shares of PACCAR during the second quarter valued at approximately $39,062,000. Peak Asset Management LLC purchased a new stake in PACCAR in the second quarter worth $17,605,000. Fiduciary Financial Advisors purchased a new stake in PACCAR in the second quarter worth $28,000. Finally, L2 Asset Management LLC bought a new stake in PACCAR in the second quarter valued at $359,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PACCAR

In related news, VP Paulo Henrique Bolgar sold 2,897 shares of the company’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 in the company, valued at approximately $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,842 shares of company stock worth $7,565,677 in the last three months. Insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PCAR. Morgan Stanley set a $119.00 price target on PACCAR in a research note on Wednesday, July 29th. Truist Financial boosted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. Wells Fargo & Company boosted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Stock Up 0.0%

Shares of PCAR opened at $129.23 on Thursday. The business’s 50 day moving average is $127.07 and its 200 day moving average is $121.91. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $139.24. The company has a market capitalization of $68.02 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last posted its quarterly 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 return on equity of 12.73% and a net margin of 9.00%.The business had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same period in the prior year, the company posted $1.37 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. Research analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced 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%.

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.