Mengis Capital Management Inc. lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 30.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,300 shares of the company’s stock after selling 1,850 shares during the period. Mengis Capital Management Inc.’s holdings in PACCAR were worth $283,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in PACCAR by 2,119.4% in the first quarter. BlackRock Inc. now owns 23,936,276 shares of the company’s stock valued at $1,608,519,000 after buying an additional 22,857,778 shares in the last quarter. Vanguard Group Inc. raised its position in shares of PACCAR by 3.3% in the first quarter. Vanguard Group Inc. now owns 23,390,459 shares of the company’s stock valued at $1,571,839,000 after buying an additional 754,689 shares during the last quarter. State Street Corp raised its position in shares of PACCAR by 0.9% in the first quarter. State Street Corp now owns 15,141,782 shares of the company’s stock valued at $1,017,524,000 after buying an additional 135,416 shares during the last quarter. FMR LLC raised its position in shares of PACCAR by 20.7% in the first quarter. FMR LLC now owns 4,832,949 shares of the company’s stock valued at $324,775,000 after buying an additional 829,031 shares during the last quarter. Finally, Waddell & Reed Financial Inc. raised its position in shares of PACCAR by 14.5% in the first quarter. Waddell & Reed Financial Inc. now owns 4,299,956 shares of the company’s stock valued at $288,957,000 after buying an additional 544,958 shares during the last quarter. 62.33% of the stock is owned by hedge funds and other institutional investors.
PACCAR Inc. (PCAR) traded down 0.24% during mid-day trading on Friday, reaching $63.00. The company’s stock had a trading volume of 1,978,135 shares. PACCAR Inc. has a 1-year low of $53.38 and a 1-year high of $70.32. The stock’s 50 day moving average price is $67.30 and its 200 day moving average price is $66.42. The stock has a market capitalization of $22.14 billion, a P/E ratio of 16.86 and a beta of 1.14.
PACCAR (NASDAQ:PCAR) last announced 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 during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the firm posted $1.06 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Analysts expect that PACCAR Inc. will post $4.00 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 6th. Shareholders of record on Wednesday, August 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Monday, August 14th. PACCAR’s dividend payout ratio is presently 26.74%.
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Several brokerages recently weighed in on PCAR. BidaskClub upgraded PACCAR from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Stifel Nicolaus reiterated a “buy” rating and issued a $72.00 price objective (up from $64.00) on shares of PACCAR in a research report on Wednesday, July 26th. Citigroup Inc. raised their price target on PACCAR from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. UBS AG restated a “buy” rating and set a $76.00 price target (up from $75.00) on shares of PACCAR in a research report on Wednesday, July 26th. Finally, Zacks Investment Research upgraded PACCAR from a “sell” rating to a “buy” rating and set a $77.00 price target for the company in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $72.00.
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 shares were 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 directly owns 20,800 shares of the company’s stock, valued at $1,412,112. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.64% of the company’s stock.
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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