PACCAR Inc (PCAR) Shares Bought by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. increased its holdings in PACCAR Inc (NASDAQ:PCAR) by 14.7% in the third quarter, HoldingsChannel.com reports. The fund owned 49,922 shares of the company’s stock after acquiring an additional 6,412 shares during the period. PNC Financial Services Group Inc.’s holdings in PACCAR were worth $3,403,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Flinton Capital Management LLC lifted its position in PACCAR by 30.6% during the second quarter. Flinton Capital Management LLC now owns 56,976 shares of the company’s stock valued at $3,530,000 after buying an additional 13,360 shares during the period. Standard Life Aberdeen plc lifted its position in PACCAR by 17.9% during the second quarter. Standard Life Aberdeen plc now owns 127,423 shares of the company’s stock valued at $7,896,000 after buying an additional 19,376 shares during the period. Garde Capital Inc. lifted its position in PACCAR by 6.0% during the second quarter. Garde Capital Inc. now owns 13,275 shares of the company’s stock valued at $823,000 after buying an additional 750 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its position in PACCAR by 142.4% during the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 134,462 shares of the company’s stock valued at $9,237,000 after buying an additional 78,992 shares during the period. Finally, Royal London Asset Management Ltd. purchased a new position in PACCAR during the second quarter valued at $9,769,000. 60.57% of the stock is owned by institutional investors.
In related news, VP David J. Danforth sold 651 shares of PACCAR stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $59.44, for a total value of $38,695.44. Following the completion of the sale, the vice president now directly owns 5,453 shares in the company, valued at approximately $324,126.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark C. Pigott sold 194,004 shares of PACCAR stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $58.84, for a total value of $11,415,195.36. Following the completion of the sale, the insider now owns 3,080,449 shares of the company’s stock, valued at $181,253,619.16. The disclosure for this sale can be found here. Insiders sold a total of 195,262 shares of company stock valued at $11,490,110 over the last quarter. 2.64% of the stock is owned by corporate insiders.
Shares of NASDAQ:PCAR opened at $58.58 on Friday. PACCAR Inc has a 1-year low of $53.95 and a 1-year high of $79.69. The company has a quick ratio of 2.44, a current ratio of 2.63 and a debt-to-equity ratio of 0.72. The firm has a market cap of $20.79 billion, a PE ratio of 13.75, a P/E/G ratio of 0.89 and a beta of 1.41.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 23rd. The company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.04. PACCAR had a return on equity of 23.52% and a net margin of 9.73%. The firm had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same period last year, the company earned $1.14 earnings per share. The company’s revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts predict that PACCAR Inc will post 6.16 EPS for the current fiscal year.
PACCAR announced that its board has approved a stock repurchase program on Tuesday, December 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 14th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Thursday, December 13th. PACCAR’s payout ratio is 26.29%.
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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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