Northern Trust Corp Cuts Holdings in PACCAR Inc (PCAR)
Northern Trust Corp lessened its stake in PACCAR Inc (NASDAQ:PCAR) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,041,182 shares of the company’s stock after selling 118,780 shares during the period. Northern Trust Corp’s holdings in PACCAR were worth $250,392,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Vigilant Capital Management LLC purchased a new stake in shares of PACCAR in the 2nd quarter valued at $105,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of PACCAR by 5,888.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock valued at $126,000 after purchasing an additional 2,002 shares in the last quarter. Amussen Hunsaker Associates LLC purchased a new stake in shares of PACCAR in the 2nd quarter valued at $132,000. Point72 Asia Hong Kong Ltd boosted its stake in shares of PACCAR by 1,202.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,423 shares of the company’s stock valued at $160,000 after purchasing an additional 2,237 shares in the last quarter. Finally, CWM Advisors LLC purchased a new stake in shares of PACCAR in the 2nd quarter valued at $203,000. 61.03% of the stock is owned by institutional investors and hedge funds.
NASDAQ:PCAR opened at $69.25 on Wednesday. PACCAR Inc has a 52 week low of $59.82 and a 52 week high of $79.69. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.52 and a quick ratio of 2.34. The firm has a market cap of $24.66 billion, a P/E ratio of 13.13, a PEG ratio of 1.08 and a beta of 1.25.
PACCAR declared that its Board of Directors has approved a stock buyback program on Monday, July 9th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $1.12 annualized dividend and a yield of 1.62%. PACCAR’s dividend payout ratio (DPR) is presently 26.29%.
In other PACCAR news, VP David J. Danforth sold 3,304 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $65.57, for a total value of $216,643.28. Following the completion of the transaction, the vice president now directly owns 7,878 shares in the company, valued at approximately $516,560.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Darrin C. Siver sold 5,750 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $64.46, for a total transaction of $370,645.00. Following the completion of the transaction, the insider now owns 22,596 shares of the company’s stock, valued at $1,456,538.16. The disclosure for this sale can be found here. Insiders sold a total of 9,634 shares of company stock valued at $625,510 over the last 90 days. Company insiders own 2.64% of the company’s stock.
A number of brokerages have recently issued reports on PCAR. BidaskClub raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 28th. Zacks Investment Research raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Tuesday, June 26th. BMO Capital Markets cut shares of PACCAR from an “outperform” rating to a “market perform” rating and set a $80.00 price objective for the company. in a research note on Wednesday, July 18th. ValuEngine raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 14th. Finally, Goldman Sachs Group lowered shares of PACCAR from a “buy” rating to a “neutral” rating and lowered their price target for the company from $79.69 to $60.36 in a report on Wednesday, May 30th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $71.64.
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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