Mackay Shields LLC Boosts Position in PACCAR Inc (PCAR)
Mackay Shields LLC boosted its holdings in PACCAR Inc (NASDAQ:PCAR) by 7.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 253,395 shares of the company’s stock after purchasing an additional 17,042 shares during the quarter. Mackay Shields LLC’s holdings in PACCAR were worth $14,479,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Berman Capital Advisors LLC purchased a new stake in shares of PACCAR during the fourth quarter valued at approximately $43,000. Lindbrook Capital LLC purchased a new stake in shares of PACCAR during the fourth quarter valued at approximately $47,000. Synovus Financial Corp raised its stake in shares of PACCAR by 1,116.5% during the fourth quarter. Synovus Financial Corp now owns 1,253 shares of the company’s stock valued at $72,000 after purchasing an additional 1,150 shares during the period. Massey Quick Simon & CO. LLC purchased a new stake in shares of PACCAR during the fourth quarter valued at approximately $77,000. Finally, Kinneret Advisory LLC purchased a new stake in shares of PACCAR during the fourth quarter valued at approximately $99,000. Hedge funds and other institutional investors own 60.17% of the company’s stock.
In other news, VP Todd R. Hubbard sold 820 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $65.75, for a total transaction of $53,915.00. Following the completion of the sale, the vice president now owns 2,446 shares of the company’s stock, valued at $160,824.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ronald E. Armstrong sold 15,784 shares of the firm’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $66.00, for a total transaction of $1,041,744.00. Following the sale, the chief executive officer now directly owns 222,499 shares of the company’s stock, valued at approximately $14,684,934. The disclosure for this sale can be found here. Insiders have sold 61,989 shares of company stock valued at $4,160,345 in the last three months. Corporate insiders own 2.64% of the company’s stock.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, January 29th. The company reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.08. PACCAR had a net margin of 9.34% and a return on equity of 25.01%. The business had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the company earned $1.18 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, analysts anticipate that PACCAR Inc will post 6.42 EPS for the current year.
PACCAR announced that its board has authorized a share repurchase program on Tuesday, December 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 2.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
PCAR has been the topic of a number of analyst reports. Credit Suisse Group reiterated a “hold” rating and set a $63.00 price objective on shares of PACCAR in a research note on Tuesday, January 22nd. ValuEngine upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a research note on Friday, December 21st. Zacks Investment Research lowered shares of PACCAR from a “buy” rating to a “hold” rating in a research note on Wednesday, December 5th. Mizuho reiterated a “hold” rating on shares of PACCAR in a research note on Monday, December 31st. Finally, JPMorgan Chase & Co. lowered shares of PACCAR from a “neutral” rating to an “underweight” rating and set a $54.00 price objective on the stock. in a research note on Thursday, January 10th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $68.04.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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