Patriot Wealth Management Inc. Acquires New Holdings in PACCAR Inc (PCAR)
Patriot Wealth Management Inc. acquired a new position in PACCAR Inc (NASDAQ:PCAR) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 75,363 shares of the company’s stock, valued at approximately $5,357,000.
A number of other large investors have also modified their holdings of the stock. FUKOKU MUTUAL LIFE INSURANCE Co boosted its holdings in PACCAR by 18.8% during the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,900 shares of the company’s stock valued at $125,000 after acquiring an additional 300 shares during the period. Sun Life Financial INC boosted its holdings in PACCAR by 19,884.6% during the second quarter. Sun Life Financial INC now owns 2,598 shares of the company’s stock valued at $172,000 after acquiring an additional 2,585 shares during the period. Institute for Wealth Management LLC. bought a new stake in PACCAR during the second quarter valued at about $201,000. Cetera Investment Advisers bought a new stake in PACCAR during the second quarter valued at about $204,000. Finally, Hartland & Co. LLC bought a new stake in PACCAR during the third quarter valued at about $206,000. Hedge funds and other institutional investors own 62.26% of the company’s stock.
In related news, VP Alma Lily Ley sold 4,024 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $71.00, for a total value of $285,704.00. Following the completion of the transaction, the vice president now owns 24,319 shares of the company’s stock, valued at $1,726,649. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP C Michael Dozier sold 3,618 shares of the stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $69.02, for a total transaction of $249,714.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,598 shares of company stock valued at $7,597,908. 2.64% of the stock is owned by corporate insiders.
PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 24th. The company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.06. PACCAR had a net margin of 7.61% and a return on equity of 18.77%. The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.57 billion. During the same quarter last year, the company earned $0.98 earnings per share. The firm’s revenue was up 19.7% on a year-over-year basis. sell-side analysts predict that PACCAR Inc will post 4.19 earnings per share for the current year.
The business also recently announced a special dividend, which was paid on Thursday, January 4th. Investors of record on Thursday, December 14th were paid a $1.20 dividend. This represents a dividend yield of 1.4%. The ex-dividend date was Wednesday, December 13th. PACCAR’s payout ratio is presently 25.64%.
A number of equities research analysts have issued reports on the stock. Wells Fargo & Co upped their price target on shares of PACCAR from $74.00 to $77.00 and gave the company a “market perform” rating in a report on Friday, October 6th. BMO Capital Markets restated a “buy” rating and set a $85.00 price target on shares of PACCAR in a report on Friday, October 20th. JPMorgan Chase & Co. upgraded shares of PACCAR from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $83.00 in a report on Wednesday, October 4th. ValuEngine cut shares of PACCAR from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Finally, Deutsche Bank restated a “hold” rating and set a $78.00 price target (up from $75.00) on shares of PACCAR in a report on Monday, October 9th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $75.05.
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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