The Manufacturers Life Insurance Company Raises Stock Position in PACCAR Inc (NASDAQ:PCAR)

The Manufacturers Life Insurance Company boosted its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 2.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 361,267 shares of the company’s stock after purchasing an additional 10,155 shares during the period. The Manufacturers Life Insurance Company’s holdings in PACCAR were worth $37,189,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PCAR. YHB Investment Advisors Inc. purchased a new position in shares of PACCAR during the 1st quarter worth about $27,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR in the first quarter valued at about $27,000. Riverview Trust Co bought a new stake in shares of PACCAR in the 1st quarter valued at about $29,000. Meeder Asset Management Inc. boosted its position in PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. Finally, Rise Advisors LLC acquired a new stake in PACCAR in the first quarter valued at approximately $31,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Performance

Shares of PACCAR stock opened at $98.13 on Monday. The business’s 50 day moving average price is $95.99 and its 200 day moving average price is $105.51. The company has a market cap of $51.43 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 1.53 and a beta of 0.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

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

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is presently 12.45%.

Insider Activity at PACCAR

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft dropped their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Citigroup lowered their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James initiated coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating for the company. Eight equities 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.com, the company presently has an average rating of “Hold” and an average 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.