Quantbot Technologies LP Invests $498,000 in PACCAR Inc (PCAR)
Quantbot Technologies LP acquired a new position in shares of PACCAR Inc (NASDAQ:PCAR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,315 shares of the company’s stock, valued at approximately $498,000.
Several other hedge funds also recently made changes to their positions in PCAR. Janney Montgomery Scott LLC grew its holdings in shares of PACCAR by 20.6% during the second quarter. Janney Montgomery Scott LLC now owns 15,493 shares of the company’s stock worth $960,000 after purchasing an additional 2,642 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of PACCAR by 72.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 78,047 shares of the company’s stock worth $4,836,000 after purchasing an additional 32,668 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of PACCAR by 3.9% during the second quarter. Commonwealth Equity Services LLC now owns 39,777 shares of the company’s stock worth $2,465,000 after purchasing an additional 1,479 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of PACCAR by 5,888.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock worth $126,000 after purchasing an additional 2,002 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of PACCAR by 16.6% during the second quarter. Wells Fargo & Company MN now owns 1,095,941 shares of the company’s stock worth $67,904,000 after purchasing an additional 155,915 shares during the last quarter. 60.57% of the stock is owned by institutional investors.
In other PACCAR news, VP Douglas S. Grandstaff sold 607 shares of PACCAR stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $59.67, for a total value of $36,219.69. Following the sale, the vice president now owns 5,284 shares of the company’s stock, valued at approximately $315,296.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David J. Danforth sold 651 shares of PACCAR stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $59.44, for a total transaction of $38,695.44. Following the sale, the vice president now owns 5,453 shares of the company’s stock, valued at $324,126.32. The disclosure for this sale can be found here. Insiders sold a total of 195,262 shares of company stock worth $11,490,110 in the last ninety days. 2.64% of the stock is owned by corporate insiders.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 23rd. The company reported $1.55 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $5.50 billion. During the same quarter last year, the company posted $1.14 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. Analysts predict that PACCAR Inc will post 6.16 earnings per share for the current fiscal year.
PACCAR announced that its board has initiated a share buyback plan on Tuesday, December 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a dividend, which will be paid on Friday, January 4th. Shareholders 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 dividend payout ratio is presently 26.29%.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered PACCAR from a “buy” rating to a “hold” rating in a report on Wednesday. BidaskClub raised PACCAR from a “hold” rating to a “buy” rating in a report on Thursday, November 22nd. ValuEngine raised PACCAR from a “strong sell” rating to a “sell” rating in a report on Thursday, November 1st. Finally, Mizuho dropped coverage on PACCAR in a report on Thursday, October 25th. Five analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $69.02.
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.
Further Reading: Consumer Price Index (CPI)
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