Malaga Cove Capital LLC Invests $318,000 in PACCAR Inc (NASDAQ:PCAR)

Malaga Cove Capital LLC acquired a new stake in shares of PACCAR Inc (NASDAQ:PCAR) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,092 shares of the company’s stock, valued at approximately $318,000.

Several other hedge funds also recently bought and sold shares of PCAR. Daiwa Securities Group Inc. increased its position in shares of PACCAR by 8.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 88,575 shares of the company’s stock valued at $9,118,000 after buying an additional 7,116 shares in the last quarter. Andra AP fonden increased its holdings in shares of PACCAR by 42.0% in the second quarter. Andra AP fonden now owns 150,550 shares of the company’s stock worth $15,498,000 after acquiring an additional 44,500 shares in the last quarter. Choreo LLC lifted its holdings in shares of PACCAR by 286.6% during the 2nd quarter. Choreo LLC now owns 20,933 shares of the company’s stock valued at $2,135,000 after purchasing an additional 15,518 shares in the last quarter. Prudential PLC grew its position in shares of PACCAR by 173.9% in the 2nd quarter. Prudential PLC now owns 21,170 shares of the company’s stock valued at $2,179,000 after purchasing an additional 13,440 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in PACCAR during the 2nd quarter worth approximately $36,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on PCAR shares. Truist Financial reduced their price target on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft dropped their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. JPMorgan Chase & Co. reduced their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 24th. Raymond James assumed coverage on PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Citigroup reduced their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $112.73.

Insider Activity

In related news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

Shares of PCAR opened at $94.97 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The firm has a 50-day moving average of $97.92 and a 200-day moving average of $107.10. The company has a market cap of $49.79 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.91. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data 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). PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter in the prior year, the company earned $2.33 EPS. PACCAR’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, equities analysts forecast that PACCAR Inc will post 8.08 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.26%. PACCAR’s dividend payout ratio (DPR) is 12.45%.

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.