Seven Eight Capital LP Purchases Shares of 18,662 PACCAR Inc (NASDAQ:PCAR)

Seven Eight Capital LP purchased a new stake in shares of PACCAR Inc (NASDAQ:PCAR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 18,662 shares of the company’s stock, valued at approximately $1,921,000.

Other large investors have also made changes to their positions in the company. YHB Investment Advisors Inc. bought a new stake in shares of PACCAR during the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR during the 1st quarter valued at about $27,000. Riverview Trust Co bought a new stake in shares of PACCAR during the 1st quarter valued at about $29,000. Rise Advisors LLC bought a new stake in shares of PACCAR during the 1st quarter valued at about $31,000. Finally, Meeder Asset Management Inc. grew its stake in shares of PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PCAR has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 24th. Evercore ISI cut their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Citigroup cut their price objective on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. StockNews.com upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James initiated coverage on PACCAR in a research note on Friday, June 28th. They set a “market perform” rating for the company. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $112.73.

Insider Transactions at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the sale, the chief executive officer now directly 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 can be accessed through this hyperlink. Insiders own 2.02% of the company’s stock.

PACCAR Trading Down 1.7 %

PCAR stock opened at $96.32 on Thursday. PACCAR Inc has a 1-year low of $80.94 and a 1-year high of $125.50. 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 company has a market capitalization of $50.49 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 1.47 and a beta of 0.91. The business has a 50 day simple moving average of $97.11 and a two-hundred day simple moving average of $106.34.

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

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.25%. 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.