Magnetar Financial LLC Invests $2.01 Million in PACCAR Inc (NASDAQ:PCAR)

Magnetar Financial LLC bought a new position in PACCAR Inc (NASDAQ:PCAR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 19,476 shares of the company’s stock, valued at approximately $2,005,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. YHB Investment Advisors Inc. purchased a new stake in shares of PACCAR in the first quarter worth $27,000. New Covenant Trust Company N.A. purchased a new position in shares of PACCAR during the first quarter worth about $27,000. Riverview Trust Co purchased a new position in shares of PACCAR during the first quarter worth about $29,000. Meeder Asset Management Inc. raised its stake in PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after purchasing an additional 205 shares in the last quarter. Finally, Rise Advisors LLC purchased a new position in PACCAR in the first quarter worth $31,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 0.1 %

Shares of PACCAR stock opened at $98.79 on Tuesday. PACCAR Inc has a 1 year low of $80.94 and a 1 year high of $125.50. The firm has a market cap of $51.79 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 1.48 and a beta of 0.91. The company has a 50-day moving average of $96.84 and a 200 day moving average of $105.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data 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 company had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period last year, the business earned $2.33 EPS. As a group, sell-side analysts anticipate that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given 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 1.21%. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction 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 of the company’s stock, valued at $16,066,583.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.02% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PCAR. Citigroup cut their target price on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Raymond James assumed coverage on PACCAR in a report on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. lowered their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, Evercore ISI cut their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PACCAR currently has an average rating of “Hold” and an average price target of $112.73.

PACCAR Company 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.