iA Global Asset Management Inc. Lowers Position in PACCAR Inc (NASDAQ:PCAR)

iA Global Asset Management Inc. decreased its holdings in PACCAR Inc (NASDAQ:PCAR) by 3.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 125,408 shares of the company’s stock after selling 4,550 shares during the period. iA Global Asset Management Inc.’s holdings in PACCAR were worth $12,909,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Federated Hermes Inc. increased its position in shares of PACCAR by 125.5% in the 4th quarter. Federated Hermes Inc. now owns 8,643 shares of the company’s stock worth $844,000 after purchasing an additional 4,810 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of PACCAR by 13.3% during the 4th quarter. Russell Investments Group Ltd. now owns 384,314 shares of the company’s stock valued at $37,534,000 after acquiring an additional 45,211 shares in the last quarter. Choreo LLC bought a new position in PACCAR during the fourth quarter worth $470,000. Savant Capital LLC boosted its holdings in PACCAR by 55.6% in the fourth quarter. Savant Capital LLC now owns 9,864 shares of the company’s stock worth $963,000 after purchasing an additional 3,524 shares during the period. Finally, Hexagon Capital Partners LLC raised its holdings in shares of PACCAR by 62.6% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,811 shares of the company’s stock worth $177,000 after purchasing an additional 697 shares during the period. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at $16,066,583.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.02% of the company’s stock.

PACCAR Price Performance

NASDAQ:PCAR traded up $1.53 during mid-day trading on Friday, reaching $96.18. 2,352,432 shares of the stock were exchanged, compared to its average volume of 2,630,389. The business has a fifty day moving average price of $99.29 and a 200 day moving average price of $107.73. The firm has a market capitalization of $50.41 billion, a PE ratio of 9.98, a PEG ratio of 1.47 and a beta of 0.92. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. PACCAR Inc has a 1-year low of $80.94 and a 1-year high of $125.50.

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

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.20 annualized dividend and a yield of 1.25%. PACCAR’s payout ratio is presently 12.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. cut their target price on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 24th. Evercore ISI lowered their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Truist Financial reduced their price objective on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research report on Wednesday, July 24th. Finally, Raymond James began coverage on PACCAR in a report on Friday, June 28th. They set a “market perform” rating on the stock. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.