Tower Research Capital LLC TRC Takes $1.12 Million Position in PACCAR Inc (PCAR)
Tower Research Capital LLC TRC purchased a new position in PACCAR Inc (NASDAQ:PCAR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,037 shares of the company’s stock, valued at approximately $1,117,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Standard Life Aberdeen plc raised its position in PACCAR by 17.9% during the second quarter. Standard Life Aberdeen plc now owns 127,423 shares of the company’s stock valued at $7,896,000 after acquiring an additional 19,376 shares in the last quarter. Flinton Capital Management LLC raised its position in PACCAR by 30.6% during the second quarter. Flinton Capital Management LLC now owns 56,976 shares of the company’s stock valued at $3,530,000 after acquiring an additional 13,360 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in PACCAR by 2.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 132,924 shares of the company’s stock valued at $8,237,000 after acquiring an additional 3,194 shares in the last quarter. CIBC Asset Management Inc raised its position in PACCAR by 5.7% during the second quarter. CIBC Asset Management Inc now owns 46,681 shares of the company’s stock valued at $2,892,000 after acquiring an additional 2,532 shares in the last quarter. Finally, Independent Advisor Alliance bought a new position in PACCAR during the second quarter valued at approximately $291,000. 61.06% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on the stock. BidaskClub raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, August 22nd. ValuEngine raised shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, August 18th. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating in a research report on Monday, August 6th. Goldman Sachs Group lowered shares of PACCAR from a “buy” rating to a “neutral” rating and cut their price objective for the company from $79.69 to $60.36 in a research report on Wednesday, May 30th. Finally, Zacks Investment Research raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research report on Monday, July 16th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $71.64.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 24th. The company reported $1.59 EPS for the quarter, beating the consensus estimate of $1.43 by $0.16. PACCAR had a return on equity of 22.68% and a net margin of 9.39%. The company had revenue of $5.47 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the company posted $1.06 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. sell-side analysts anticipate that PACCAR Inc will post 6.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Stockholders of record on Tuesday, November 13th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $1.12 annualized dividend and a dividend yield of 1.59%. PACCAR’s payout ratio is 26.29%.
PACCAR announced that its Board of Directors has initiated a stock repurchase program on Monday, July 9th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, insider Darrin C. Siver sold 5,750 shares of the firm’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $64.46, for a total value of $370,645.00. Following the sale, the insider now owns 22,596 shares in the company, valued at $1,456,538.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Douglas S. Grandstaff sold 580 shares of the firm’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $65.90, for a total transaction of $38,222.00. Following the completion of the sale, the vice president now owns 5,891 shares in the company, valued at approximately $388,216.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,634 shares of company stock worth $625,510. 2.64% of the stock is currently owned by corporate insiders.
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.
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