Hennessy Advisors Inc. Takes $2.60 Million Position in PACCAR Inc. $PCAR

Hennessy Advisors Inc. bought a new position in PACCAR Inc. (NASDAQ:PCAR) in the second quarter, Holdings Channel reports. The institutional investor bought 21,636 shares of the company’s stock, valued at approximately $2,599,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of PACCAR by 9.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company’s stock valued at $411,329,000 after purchasing an additional 305,215 shares during the last quarter. Mufg Securities Americas Inc. boosted its holdings in PACCAR by 9.0% during the 2nd quarter. Mufg Securities Americas Inc. now owns 15,852 shares of the company’s stock valued at $1,904,000 after acquiring an additional 1,314 shares during the period. Nissay Asset Management Corp Japan boosted its holdings in PACCAR by 6.0% during the 2nd quarter. Nissay Asset Management Corp Japan now owns 156,784 shares of the company’s stock valued at $18,833,000 after acquiring an additional 8,922 shares during the period. Hsbc Holdings PLC grew its position in PACCAR by 19.9% during the 2nd quarter. Hsbc Holdings PLC now owns 1,966,444 shares of the company’s stock worth $236,428,000 after acquiring an additional 326,135 shares during the last quarter. Finally, Kingsview Wealth Management LLC bought a new position in PACCAR during the 2nd quarter worth approximately $889,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Price Performance

Shares of PACCAR stock opened at $125.34 on Monday. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The company has a market cap of $65.97 billion, a PE ratio of 26.33, a P/E/G ratio of 0.99 and a beta of 0.97. The business has a 50 day moving average of $127.35 and a 200 day moving average of $121.89. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.37 earnings per share. As a group, equities research analysts forecast that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s payout ratio is presently 29.41%.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 1,970 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the transaction, the chief financial officer owned 1,391 shares in the company, valued at $184,307.50. The trade was a 58.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PCAR shares. Weiss Ratings reissued a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Citigroup lifted their target price on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Morgan Stanley set a $119.00 price target on shares of PACCAR in a report on Wednesday, July 29th. Wells Fargo & Company increased their price target on shares of PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Finally, Evercore set a $139.00 price objective on shares of PACCAR in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.