PACCAR Inc (NASDAQ:PCAR) Shares Sold by Gamco Investors INC. ET AL
Gamco Investors INC. ET AL cut its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 8.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 411,012 shares of the company’s stock after selling 38,550 shares during the quarter. Gamco Investors INC. ET AL owned approximately 0.12% of PACCAR worth $29,453,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in PCAR. Destination Wealth Management acquired a new position in shares of PACCAR during the second quarter worth about $25,000. Cable Hill Partners LLC acquired a new position in shares of PACCAR during the first quarter worth about $29,000. Advisory Services Network LLC grew its position in shares of PACCAR by 149.4% during the second quarter. Advisory Services Network LLC now owns 434 shares of the company’s stock worth $31,000 after buying an additional 260 shares in the last quarter. Enterprise Financial Services Corp grew its position in shares of PACCAR by 76.8% during the second quarter. Enterprise Financial Services Corp now owns 488 shares of the company’s stock worth $35,000 after buying an additional 212 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new position in shares of PACCAR during the first quarter worth about $41,000. 63.79% of the stock is owned by institutional investors and hedge funds.
PCAR has been the subject of several recent analyst reports. Longbow Research cut PACCAR from a “buy” rating to a “neutral” rating and set a $71.38 target price for the company. in a research note on Monday, May 6th. BMO Capital Markets boosted their target price on PACCAR to $70.00 and gave the stock a “market perform” rating in a research note on Friday, May 17th. BidaskClub cut PACCAR from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research cut PACCAR from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, Morgan Stanley boosted their target price on PACCAR from $63.00 to $64.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. PACCAR has an average rating of “Hold” and a consensus price target of $68.89.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.82 by ($0.04). The firm had revenue of $6.27 billion during the quarter, compared to analysts’ expectations of $6.21 billion. PACCAR had a net margin of 9.43% and a return on equity of 25.99%. PACCAR’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 EPS. On average, sell-side analysts predict that PACCAR Inc will post 6.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 14th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Tuesday, August 13th. PACCAR’s payout ratio is currently 20.51%.
In other news, insider Darrin C. Siver sold 5,067 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $70.10, for a total value of $355,196.70. Following the transaction, the insider now owns 23,193 shares of the company’s stock, valued at $1,625,829.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David J. Danforth sold 848 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $71.66, for a total value of $60,767.68. Following the completion of the transaction, the vice president now directly owns 4,958 shares in the company, valued at approximately $355,290.28. The disclosure for this sale can be found here. Insiders own 2.32% of the company’s stock.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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