Corient Private Wealth LP Buys New Shares in PACCAR Inc. $PCAR

Corient Private Wealth LP bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,395,045 shares of the company’s stock, valued at approximately $167,573,000. Corient Private Wealth LP owned 0.27% of PACCAR at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Deseret Mutual Benefit Administrators grew its holdings in PACCAR by 9.9% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company’s stock valued at $97,000 after buying an additional 80 shares during the period. Gulf International Bank UK Ltd lifted its holdings in shares of PACCAR by 0.3% during the 4th quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company’s stock worth $2,869,000 after acquiring an additional 81 shares during the period. CYBER HORNET ETFs LLC boosted its position in shares of PACCAR by 6.2% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company’s stock worth $163,000 after acquiring an additional 87 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of PACCAR by 3.1% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company’s stock worth $317,000 after acquiring an additional 87 shares during the last quarter. Finally, MCF Advisors LLC grew its holdings in PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after purchasing an additional 92 shares during the period. 64.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on PCAR shares. Citigroup upped their price target on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Morgan Stanley set a $119.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Wells Fargo & Company upped their price objective on PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Sanford C. Bernstein restated an “outperform” rating and set a $148.00 price objective on shares of PACCAR in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their target price on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $131.70.

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 50,975 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the transaction, the chief executive officer owned 268,625 shares of the company’s stock, valued at approximately $35,745,928.75. This trade represents a 15.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brice J. Poplawski sold 1,970 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the transaction, the chief financial officer directly owned 1,391 shares in the company, valued at approximately $184,307.50. This represents a 58.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 56,842 shares of company stock worth $7,565,677 over the last three months. 1.99% of the stock is currently owned by insiders.

PACCAR Stock Up 0.0%

Shares of NASDAQ:PCAR opened at $129.23 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The stock has a market capitalization of $68.02 billion, a P/E ratio of 27.15, a PEG ratio of 1.02 and a beta of 0.97. The stock has a 50-day simple moving average of $127.07 and a 200-day simple moving average of $121.91.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $7.05 billion. During the same quarter last year, the firm posted $1.37 earnings per share. PACCAR’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts forecast that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Announces Dividend

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