Cigna Investments Inc. New Sells 758 Shares of PACCAR Inc. (PCAR)
Cigna Investments Inc. New decreased its position in PACCAR Inc. (NASDAQ:PCAR) by 5.3% during the second quarter, Holdings Channel reports. The fund owned 13,507 shares of the company’s stock after selling 758 shares during the period. Cigna Investments Inc. New’s holdings in PACCAR were worth $892,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in PACCAR by 2,119.4% in the first quarter. BlackRock Inc. now owns 23,936,276 shares of the company’s stock worth $1,608,519,000 after buying an additional 22,857,778 shares during the last quarter. Victory Capital Management Inc. increased its stake in PACCAR by 25,225.9% in the first quarter. Victory Capital Management Inc. now owns 1,669,483 shares of the company’s stock worth $112,190,000 after buying an additional 1,662,891 shares during the last quarter. FMR LLC increased its stake in PACCAR by 20.7% in the first quarter. FMR LLC now owns 4,832,949 shares of the company’s stock worth $324,775,000 after buying an additional 829,031 shares during the last quarter. Vanguard Group Inc. increased its stake in PACCAR by 3.3% in the first quarter. Vanguard Group Inc. now owns 23,390,459 shares of the company’s stock worth $1,571,839,000 after buying an additional 754,689 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in PACCAR during the first quarter worth $49,049,000. Institutional investors own 61.31% of the company’s stock.
PACCAR Inc. (NASDAQ:PCAR) opened at 64.81 on Friday. The firm has a 50-day moving average price of $67.26 and a 200-day moving average price of $66.54. The firm has a market capitalization of $22.77 billion, a PE ratio of 17.35 and a beta of 1.14. PACCAR Inc. has a 1-year low of $53.38 and a 1-year high of $70.32.
PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the previous year, the company posted $1.06 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that PACCAR Inc. will post $4.00 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Wednesday, August 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Monday, August 14th. PACCAR’s payout ratio is 26.74%.
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PCAR has been the subject of a number of recent research reports. Zacks Investment Research downgraded PACCAR from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. BidaskClub downgraded PACCAR from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) upgraded PACCAR from a “neutral” rating to a “buy” rating and set a $79.00 target price for the company in a research report on Thursday, June 15th. Bank of America Corporation downgraded PACCAR from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $78.00 to $70.00 in a research report on Thursday, May 11th. Finally, OTR Global upgraded PACCAR to a “positive” rating in a report on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $72.00.
In related news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total value of $189,141.54. Following the completion of the sale, the insider now directly owns 20,800 shares of the company’s stock, valued at approximately $1,412,112. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.64% of the company’s stock.
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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