Janney Montgomery Scott LLC Sells 6,572 Shares of PACCAR Inc. $PCAR

Janney Montgomery Scott LLC reduced its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 18.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,438 shares of the company’s stock after selling 6,572 shares during the period. Janney Montgomery Scott LLC’s holdings in PACCAR were worth $3,400,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PCAR. Deseret Mutual Benefit Administrators boosted its holdings in PACCAR by 9.9% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company’s stock valued at $97,000 after purchasing an additional 80 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in PACCAR by 0.3% during the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company’s stock worth $2,869,000 after acquiring an additional 81 shares in the last quarter. CYBER HORNET ETFs LLC lifted its holdings in shares of PACCAR by 6.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company’s stock valued at $163,000 after acquiring an additional 87 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of PACCAR by 3.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company’s stock valued at $317,000 after purchasing an additional 87 shares in the last quarter. Finally, Jackson Square Capital LLC boosted its stake in shares of PACCAR by 3.5% in the 4th quarter. Jackson Square Capital LLC now owns 2,650 shares of the company’s stock valued at $290,000 after purchasing an additional 90 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Citigroup reiterated a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. BNP Paribas Exane initiated coverage on shares of PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price objective on the stock. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research note on Wednesday, April 29th. Finally, Truist Financial boosted their target price on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $122.45.

PACCAR Trading Down 1.6%

NASDAQ:PCAR traded down $1.97 on Tuesday, hitting $123.94. 189,431 shares of the stock were exchanged, compared to its average volume of 3,098,122. The stock has a market capitalization of $65.23 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 1.11 and a beta of 0.97. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $131.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The company’s 50-day moving average price is $116.34 and its 200 day moving average price is $118.76.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter last year, the firm earned $1.46 EPS. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities research analysts forecast that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were given a dividend of $0.35 per share. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s payout ratio is currently 29.79%.

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.