Zega Financial LLC Makes New $1.09 Million Investment in PACCAR Inc (NASDAQ:PCAR)

Zega Financial LLC purchased a new stake in shares of PACCAR Inc (NASDAQ:PCAR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 10,536 shares of the company’s stock, valued at approximately $1,085,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Personalized Indexing Management LLC increased its holdings in PACCAR by 1.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 49,216 shares of the company’s stock worth $5,064,000 after buying an additional 669 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in PACCAR by 6.4% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,893 shares of the company’s stock worth $915,000 after acquiring an additional 531 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of PACCAR by 3.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 244,612 shares of the company’s stock worth $25,180,000 after purchasing an additional 9,030 shares during the last quarter. Edgestream Partners L.P. raised its holdings in shares of PACCAR by 252.0% during the 2nd quarter. Edgestream Partners L.P. now owns 26,471 shares of the company’s stock valued at $2,725,000 after purchasing an additional 18,951 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of PACCAR in the 2nd quarter valued at $88,437,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PCAR shares. Raymond James initiated coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. JPMorgan Chase & Co. reduced their target price on PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 24th. Evercore ISI lowered their price target on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Truist Financial reduced their price objective on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $112.73.

PACCAR Trading Up 2.4 %

Shares of PCAR stock opened at $97.99 on Wednesday. The firm has a market capitalization of $51.37 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 1.47 and a beta of 0.91. PACCAR Inc has a 1 year low of $80.94 and a 1 year high of $125.50. The firm’s fifty day simple moving average is $97.22 and its 200 day simple moving average is $106.41. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.01). PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter in the previous year, the firm posted $2.33 EPS. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, sell-side analysts predict that PACCAR Inc will post 8.08 EPS for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.22%. PACCAR’s dividend payout ratio (DPR) is 12.45%.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the sale, the chief executive officer now directly owns 162,782 shares in the company, valued at $16,066,583.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.02% of the company’s stock.

PACCAR Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.