NewEdge Advisors LLC Reduces Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

NewEdge Advisors LLC cut its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 71.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 9,018 shares of the company’s stock after selling 22,190 shares during the period. NewEdge Advisors LLC’s holdings in PACCAR were worth $928,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in shares of PACCAR by 1.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 559,630 shares of the company’s stock worth $54,648,000 after acquiring an additional 7,599 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in shares of PACCAR by 4.4% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 45,644 shares of the company’s stock valued at $4,457,000 after purchasing an additional 1,906 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in shares of PACCAR by 18.5% during the 4th quarter. State of Tennessee Treasury Department now owns 397,376 shares of the company’s stock valued at $38,804,000 after buying an additional 61,982 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of PACCAR by 87.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 454,638 shares of the company’s stock valued at $44,395,000 after buying an additional 212,007 shares during the last quarter. Finally, Ethic Inc. grew its position in shares of PACCAR by 4.3% during the fourth quarter. Ethic Inc. now owns 105,107 shares of the company’s stock worth $10,264,000 after buying an additional 4,374 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the transaction, the chief executive officer now owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.02% of the stock is owned by insiders.

PACCAR Price Performance

Shares of PCAR opened at $102.98 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 company has a market cap of $53.98 billion, a P/E ratio of 10.66, a PEG ratio of 1.52 and a beta of 0.91. PACCAR Inc has a 12 month low of $80.94 and a 12 month high of $125.50. The stock has a fifty day moving average price of $95.93 and a 200 day moving average price of $104.82.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data 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 net margin of 14.07% and a return on equity of 29.87%. The firm 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 business earned $2.33 earnings per share. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. On average, research analysts forecast that PACCAR Inc will post 8.08 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.17%. The ex-dividend date is Wednesday, November 13th. PACCAR’s dividend payout ratio is currently 12.45%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PCAR shares. StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Truist Financial decreased their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Raymond James assumed coverage on PACCAR in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup decreased their target price on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Finally, JPMorgan Chase & Co. dropped their price target on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $112.73.

PACCAR 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.