PACCAR Inc. $PCAR Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 51.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 501,601 shares of the company’s stock after selling 534,485 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in PACCAR were worth $57,935,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in PACCAR by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after acquiring an additional 363,782 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the period. State Street Corp boosted its holdings in shares of PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of PACCAR during the fourth quarter worth $727,745,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday. Sanford C. Bernstein reissued an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a research note on Wednesday. Morgan Stanley set a $119.00 price target on PACCAR in a report on Wednesday. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Finally, Evercore set a $139.00 price objective on shares of PACCAR in a report on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $127.00.

PACCAR Trading Down 3.1%

PCAR stock opened at $133.87 on Thursday. The company has a market cap of $70.45 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 1.27 and a beta of 0.97. The company has a quick ratio of 2.91, a current ratio of 1.82 and a debt-to-equity ratio of 0.52. The business has a fifty day simple moving average of $120.46 and a 200-day simple moving average of $120.68. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. During the same period last year, the company posted $1.37 EPS. The business’s quarterly revenue was up .5% on a year-over-year basis. On average, equities research analysts expect that PACCAR Inc. will post 5.66 EPS for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.0%. PACCAR’s dividend payout ratio is currently 29.79%.

Trending Headlines about PACCAR

Here are the key news stories impacting PACCAR this week:

• Positive Sentiment: JPMorgan raised its price target to $164 and upgraded PACCAR to “overweight,” implying substantial upside from recent levels and signaling increased confidence in the truck manufacturer’s earnings outlook. Benzinga
• Positive Sentiment: Second-quarter results exceeded expectations: adjusted earnings were $1.43 per share versus the $1.36 consensus estimate, while revenue reached $7.55 billion, above the $7.05 billion analyst forecast. Earnings also increased from $1.37 per share a year earlier. PACCAR Increases Quarterly Revenues and Profits
• Positive Sentiment: Management cited strong truck orders, higher production rates, improved freight conditions, better truck profitability and record parts revenue. Net income rose 24% from the preceding quarter, supporting the company’s near-term margin outlook. PACCAR Q2 Earnings Surpass Expectations on Truck Profit
• Neutral Sentiment: Analysts characterized truck demand as stable and regulatory conditions as clearer, which may support margins and guidance. However, quarterly revenue increased only about 0.5% year over year, suggesting that growth remains moderate. PCAR Q2 Deep Dive
• Negative Sentiment: PCAR’s lower trading action suggests investors may be taking profits or demanding stronger top-line growth after the earnings release. With the stock near its annual high and trading at roughly 28 times earnings, expectations may already reflect much of the favorable results.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.