Steel Grove Capital Advisors LLC Sells 4,617 Shares of PACCAR Inc (NASDAQ:PCAR)

Steel Grove Capital Advisors LLC trimmed its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 22.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,983 shares of the company’s stock after selling 4,617 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in PACCAR were worth $1,645,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PCAR. EverSource Wealth Advisors LLC grew its stake in shares of PACCAR by 17.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 728 shares of the company’s stock worth $72,000 after acquiring an additional 109 shares in the last quarter. Fidelis Capital Partners LLC grew its stake in shares of PACCAR by 5.7% during the 2nd quarter. Fidelis Capital Partners LLC now owns 4,322 shares of the company’s stock worth $445,000 after acquiring an additional 233 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of PACCAR by 9.3% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,441,597 shares of the company’s stock worth $148,398,000 after acquiring an additional 123,072 shares in the last quarter. 1832 Asset Management L.P. grew its stake in shares of PACCAR by 72.8% during the 2nd quarter. 1832 Asset Management L.P. now owns 39,809 shares of the company’s stock worth $4,098,000 after acquiring an additional 16,777 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its stake in shares of PACCAR by 25.3% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 24,290 shares of the company’s stock worth $2,500,000 after acquiring an additional 4,897 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PCAR has been the subject of several research reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Raymond James assumed coverage on shares of PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup dropped their target price on shares of PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. lowered 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. Finally, Evercore ISI reduced their price target 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. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $112.73.

PACCAR Price Performance

PACCAR stock opened at $98.91 on Monday. The firm has a market cap of $51.85 billion, a PE ratio of 10.26, a price-to-earnings-growth ratio of 1.48 and a beta of 0.91. 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 stock’s fifty day moving average price is $96.95 and its two-hundred day moving average price is $106.08. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

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

PACCAR Announces Dividend

The company also recently declared 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

Insider Transactions at PACCAR

In related 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.02% of the stock is currently owned by insiders.

About PACCAR

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.