PACCAR Inc. (NASDAQ:PCAR) Sees Significant Drop in Short Interest

PACCAR Inc. (NASDAQ:PCAR) was the target of a large decline in short interest in July. As of July 14th, there was short interest totalling 8,237,228 shares, a decline of 14.9% from the June 30th total of 9,685,103 shares. Based on an average daily volume of 1,823,338 shares, the short-interest ratio is presently 4.5 days. Approximately 2.4% of the company’s shares are short sold.

PACCAR (NASDAQ:PCAR) opened at 64.81 on Friday. The company’s 50-day moving average price is $67.26 and its 200 day moving average price is $66.54. PACCAR has a 52-week low of $53.38 and a 52-week high of $70.32. The firm has a market capitalization of $22.77 billion, a price-to-earnings ratio of 17.35 and a beta of 1.14.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 25th. The company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.07. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the business posted $1.06 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities analysts predict that PACCAR will post $4.00 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 6th. Investors of record on Wednesday, August 16th will be issued a $0.25 dividend. The ex-dividend date is Monday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.54%. PACCAR’s dividend payout ratio is presently 26.74%.

In related news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total transaction of $189,141.54. Following the transaction, the insider now directly owns 20,800 shares of the company’s stock, valued at approximately $1,412,112. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.64% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its stake in PACCAR by 6.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,588 shares of the company’s stock worth $107,000 after buying an additional 95 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co raised its stake in PACCAR by 33.3% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,600 shares of the company’s stock valued at $108,000 after buying an additional 400 shares during the period. IFP Advisors Inc raised its stake in PACCAR by 91.1% in the second quarter. IFP Advisors Inc now owns 1,867 shares of the company’s stock valued at $123,000 after buying an additional 890 shares during the period. State of Alaska Department of Revenue raised its stake in PACCAR by 29.9% in the second quarter. State of Alaska Department of Revenue now owns 2,175 shares of the company’s stock valued at $143,000 after buying an additional 500 shares during the period. Finally, Perkins Coie Trust Co raised its stake in PACCAR by 102.8% in the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock valued at $151,000 after buying an additional 1,157 shares during the period. Institutional investors own 61.31% of the company’s stock.

Several equities research analysts have issued reports on PCAR shares. Zacks Investment Research downgraded PACCAR from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. BidaskClub downgraded PACCAR from a “sell” rating to a “strong sell” rating in a report on Saturday, June 24th. Goldman Sachs Group, Inc. (The) upgraded PACCAR from a “neutral” rating to a “buy” rating and set a $79.00 price objective on the stock in a report on Thursday, June 15th. Bank of America Corporation downgraded PACCAR from a “buy” rating to a “neutral” rating and lowered their price target for the company from $78.00 to $70.00 in a report on Thursday, May 11th. Finally, OTR Global upgraded PACCAR to a “positive” rating in a report on Tuesday, April 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $72.00.

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About PACCAR

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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