Prudential Financial Inc. Decreases Position in Paccar Inc. (PCAR)
Prudential Financial Inc. reduced its stake in shares of Paccar Inc. (NASDAQ:PCAR) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 560,792 shares of the company’s stock after selling 11,542 shares during the period. Prudential Financial Inc. owned approximately 0.16% of Paccar worth $29,088,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of PCAR. Norges Bank purchased a new position in Paccar during the fourth quarter valued at approximately $112,133,000. Boston Advisors LLC increased its stake in shares of Paccar by 6.2% in the first quarter. Boston Advisors LLC now owns 7,355 shares of the company’s stock worth $402,000 after buying an additional 430 shares in the last quarter. Aperio Group LLC increased its stake in shares of Paccar by 98.6% in the first quarter. Aperio Group LLC now owns 191,724 shares of the company’s stock worth $10,485,000 after buying an additional 95,182 shares in the last quarter. Mn Services Vermogensbeheer B.V. bought a new stake in shares of Paccar during the first quarter worth about $422,000. Finally, Virginia Retirement System bought a new stake in shares of Paccar during the first quarter worth about $313,000. 62.23% of the stock is currently owned by institutional investors.
Shares of Paccar Inc. (NASDAQ:PCAR) traded up 1.47% during mid-day trading on Thursday, hitting $58.63. The stock had a trading volume of 388,597 shares. The stock’s 50-day moving average is $58.34 and its 200 day moving average is $55.72. Paccar Inc. has a 1-year low of $43.46 and a 1-year high of $60.86. The firm has a market capitalization of $20.55 billion, a price-to-earnings ratio of 31.12 and a beta of 1.49.
Paccar (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 26th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The company earned $4.12 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same period in the previous year, the business earned $1.26 earnings per share. The firm’s quarterly revenue was down 14.0% compared to the same quarter last year. Equities research analysts predict that Paccar Inc. will post $3.97 EPS for the current fiscal 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 given a dividend of $0.24 per share. The ex-dividend date is Wednesday, November 16th. This represents a $0.96 annualized dividend and a yield of 1.66%. Paccar’s payout ratio is 51.34%.
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 target on the stock. in a research report on Tuesday, July 19th. BMO Capital Markets reissued a “hold” rating and set a $57.00 price target on shares of Paccar in a research report on Friday, July 29th. Deutsche Bank AG began coverage on Paccar in a research report on Tuesday, September 6th. They set a “hold” rating and a $63.00 price target on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Paccar in a 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 report on Wednesday, July 27th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $55.93.
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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