Envestnet Asset Management Inc. Acquires 16,225 Shares of PACCAR Inc (NASDAQ:PCAR)

Envestnet Asset Management Inc. increased its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 2.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 580,887 shares of the company’s stock after purchasing an additional 16,225 shares during the period. Envestnet Asset Management Inc.’s holdings in PACCAR were worth $59,796,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Miracle Mile Advisors LLC lifted its holdings in shares of PACCAR by 3.8% during the 1st quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock valued at $307,000 after purchasing an additional 91 shares in the last quarter. Security National Bank lifted its stake in PACCAR by 4.2% in the 2nd quarter. Security National Bank now owns 2,328 shares of the company’s stock valued at $240,000 after acquiring an additional 93 shares in the last quarter. Brookstone Capital Management lifted its stake in PACCAR by 4.1% in the 2nd quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock valued at $258,000 after acquiring an additional 94 shares in the last quarter. Morningstar Investment Management LLC lifted its stake in PACCAR by 1.3% in the 4th quarter. Morningstar Investment Management LLC now owns 7,575 shares of the company’s stock valued at $740,000 after acquiring an additional 97 shares in the last quarter. Finally, Graypoint LLC lifted its stake in PACCAR by 2.9% in the 1st quarter. Graypoint LLC now owns 3,557 shares of the company’s stock valued at $441,000 after acquiring an additional 99 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 1.7 %

PCAR stock opened at $96.32 on Thursday. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $50.49 billion, a PE ratio of 9.99, a PEG 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 business’s 50 day simple moving average is $97.11 and its 200 day simple moving average is $106.34.

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

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is presently 12.45%.

Insider Buying and Selling

In related 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 transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PCAR has been the topic of several research reports. Truist Financial cut their target price on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. Raymond James initiated coverage on PACCAR in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft cut their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Citigroup cut their target price on PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Finally, Evercore ISI dropped their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $112.73.

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.