Morse Asset Management Inc Sells 2,160 Shares of PACCAR Inc. (PCAR)
Morse Asset Management Inc cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 18.8% during the second quarter, Holdings Channel reports. The institutional investor owned 9,358 shares of the company’s stock after selling 2,160 shares during the period. Morse Asset Management Inc’s holdings in PACCAR were worth $618,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position 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. Victory Capital Management Inc. increased its position in PACCAR by 25,225.9% in the first quarter. Victory Capital Management Inc. now owns 1,669,483 shares of the company’s stock valued at $112,190,000 after buying an additional 1,662,891 shares in the last quarter. FMR LLC increased its position in 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 in the last quarter. Vanguard Group Inc. increased its position in 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 in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in PACCAR during the first quarter valued at about $49,049,000. 61.31% of the stock is owned by institutional investors.
PACCAR Inc. (NASDAQ PCAR) opened at 67.90 on Wednesday. The firm’s 50 day moving average price is $66.86 and its 200-day moving average price is $66.52. PACCAR Inc. has a 12-month low of $53.38 and a 12-month high of $70.32. The company has a market capitalization of $23.85 billion, a PE ratio of 18.17 and a beta of 1.14.
PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts anticipate that PACCAR Inc. will post $4.00 earnings per share 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 issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.47%. The ex-dividend date is Monday, August 14th. PACCAR’s dividend payout ratio (DPR) is 26.74%.
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Several research analysts have recently issued reports on PCAR shares. BidaskClub downgraded PACCAR from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 24th. Zacks Investment Research downgraded PACCAR from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Goldman Sachs Group, Inc. (The) raised PACCAR from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Thursday, June 15th. Bank of America Corporation downgraded PACCAR from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $78.00 to $70.00 in a research note on Thursday, May 11th. Finally, OTR Global raised PACCAR to a “positive” rating in a research note on Tuesday, April 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. PACCAR has an average rating of “Hold” and a consensus target price of $72.00.
In other PACCAR news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total value of $189,141.54. Following 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 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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