Wells Fargo & Company MN Grows Position in PACCAR Inc. (PCAR)
Wells Fargo & Company MN raised its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 8.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 651,610 shares of the company’s stock after purchasing an additional 51,097 shares during the period. Wells Fargo & Company MN owned 0.19% of PACCAR worth $43,033,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. grew its holdings in PACCAR by 2,119.4% during the first quarter. BlackRock Inc. now owns 23,936,276 shares of the company’s stock valued at $1,608,519,000 after purchasing an additional 22,857,778 shares during the last quarter. Vanguard Group Inc. grew its holdings in PACCAR by 3.3% during the first quarter. Vanguard Group Inc. now owns 23,390,459 shares of the company’s stock valued at $1,571,839,000 after purchasing an additional 754,689 shares during the last quarter. State Street Corp grew its holdings in PACCAR by 0.9% during the first quarter. State Street Corp now owns 15,141,782 shares of the company’s stock valued at $1,017,524,000 after purchasing an additional 135,416 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in PACCAR by 10.6% during the second quarter. Bank of New York Mellon Corp now owns 6,071,129 shares of the company’s stock valued at $400,938,000 after purchasing an additional 580,223 shares during the last quarter. Finally, FMR LLC grew its holdings in PACCAR by 20.7% during the first quarter. FMR LLC now owns 4,832,949 shares of the company’s stock valued at $324,775,000 after purchasing an additional 829,031 shares during the last quarter. Institutional investors own 62.12% of the company’s stock.
PCAR has been the topic of several analyst reports. Zacks Investment Research downgraded PACCAR from a “buy” rating to a “hold” rating in a report on Monday, August 28th. BidaskClub upgraded PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Robert W. Baird reiterated a “hold” rating and set a $67.00 price target on shares of PACCAR in a report on Friday, September 1st. ValuEngine upgraded PACCAR from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. Finally, UBS AG set a $75.00 price objective on PACCAR and gave the company a “buy” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $71.74.
In other PACCAR news, insider T. Kyle Quinn sold 2,786 shares of PACCAR stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total transaction of $189,141.54. Following the completion of the sale, the insider now owns 20,800 shares of the company’s stock, valued at $1,412,112. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.64% of the company’s stock.
Shares of PACCAR Inc. (PCAR) opened at 70.86 on Tuesday. PACCAR Inc. has a 52-week low of $53.38 and a 52-week high of $71.36. The company has a market capitalization of $24.90 billion, a P/E ratio of 18.97 and a beta of 1.15. The stock’s 50 day moving average price is $66.32 and its 200-day moving average price is $66.12.
PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts expect that PACCAR Inc. will post $4.00 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 14th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.41%. The ex-dividend date is Monday, November 13th. PACCAR’s dividend payout ratio (DPR) is currently 26.74%.
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PACCAR Company Profile
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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