Paccar Inc. (PCAR) Sees Large Drop in Short Interest
Paccar Inc. (NASDAQ:PCAR) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 10,688,565 shares, a drop of 13.1% from the August 15th total of 12,303,652 shares. Approximately 3.1% of the company’s shares are short sold. Based on an average daily trading volume, of 1,526,157 shares, the days-to-cover ratio is presently 7.0 days.
PCAR has been the topic of a number of analyst reports. Longbow Research downgraded Paccar from a “neutral” rating to an “underperform” rating and set a $44.00 price objective on the stock. in a research report on Tuesday, July 19th. BMO Capital Markets restated a “hold” rating and issued a $57.00 target price on shares of Paccar in a research report on Friday, July 29th. Deutsche Bank AG initiated coverage on Paccar in a research report on Tuesday, September 6th. They issued a “hold” rating and a $63.00 target price on the stock. Robert W. Baird restated a “buy” rating on shares of Paccar in a research report on Tuesday, June 28th. Finally, Barclays PLC set a $47.00 target price on Paccar and gave the company a “sell” rating in a research report on Wednesday, July 27th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $55.93.
Hedge funds and other institutional investors have recently modified their holdings of the company. NN Investment Partners Holdings N.V. acquired a new position in shares of Paccar during the first quarter worth $111,000. Assetmark Inc. acquired a new position in shares of Paccar during the second quarter worth $128,000. Meeder Asset Management Inc. acquired a new position in shares of Paccar during the first quarter worth $224,000. Advisor Group Inc. acquired a new position in shares of Paccar during the second quarter worth $222,000. Finally, BlueMountain Capital Management LLC raised its position in shares of Paccar by 796.3% in the first quarter. BlueMountain Capital Management LLC now owns 4,338 shares of the company’s stock worth $237,000 after buying an additional 3,854 shares in the last quarter. 62.23% of the stock is currently owned by institutional investors.
Paccar (NASDAQ:PCAR) opened at 57.78 on Thursday. The company’s 50-day moving average price is $58.34 and its 200 day moving average price is $55.72. The firm has a market capitalization of $20.25 billion, a PE ratio of 30.67 and a beta of 1.49. Paccar has a 1-year low of $43.46 and a 1-year high of $60.86.
Paccar (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.04. Paccar had a return on equity of 21.92% and a net margin of 3.71%. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the prior year, the company posted $1.26 EPS. The business’s revenue for the quarter was down 14.0% compared to the same quarter last year. On average, equities analysts anticipate that Paccar will post $3.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, November 16th. Paccar’s dividend payout ratio is presently 51.34%.
Paccar Company Profile
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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