Man Group plc Buys Shares of 293,238 PACCAR Inc. $PCAR

Man Group plc purchased a new stake in PACCAR Inc. (NASDAQ:PCAR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 293,238 shares of the company’s stock, valued at approximately $35,224,000. Man Group plc owned approximately 0.06% of PACCAR as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its position in PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock worth $9,258,000 after acquiring an additional 290 shares during the last quarter. Focus Partners Wealth grew its position in shares of PACCAR by 15.4% in the first quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after purchasing an additional 1,812 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of PACCAR by 2.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock worth $22,886,000 after purchasing an additional 5,327 shares in the last quarter. Ieq Capital LLC increased its stake in shares of PACCAR by 11.5% during the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock worth $3,556,000 after purchasing an additional 3,858 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $81,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PCAR. Citigroup upped their target price on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Sanford C. Bernstein reissued an “outperform” rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Truist Financial boosted their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. Morgan Stanley set a $119.00 price objective on PACCAR in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $131.70.

Insiders Place Their Bets

In related news, VP Paulo Henrique Bolgar sold 2,897 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the transaction, the vice president directly owned 3,831 shares in the company, valued at approximately $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the transaction, the chief executive officer owned 268,625 shares in the company, valued at $35,745,928.75. This trade represents a 15.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,842 shares of company stock worth $7,565,677 over the last ninety days. Company insiders own 1.99% of the company’s stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $129.23 on Thursday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. The firm has a market cap of $68.02 billion, a PE ratio of 27.15, a P/E/G ratio of 1.02 and a beta of 0.97. The firm has a 50 day simple moving average of $127.07 and a 200-day simple moving average of $121.91. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $139.24.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business earned $1.37 earnings per share. On average, equities analysts expect that PACCAR Inc. will post 5.89 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio (DPR) is 29.41%.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.