Marshall Wace LLP Lowers Stock Position in PACCAR Inc (NASDAQ:PCAR)

Marshall Wace LLP reduced its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 67.0% during the second quarter, Holdings Channel reports. The institutional investor owned 52,424 shares of the company’s stock after selling 106,324 shares during the period. Marshall Wace LLP’s holdings in PACCAR were worth $5,397,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PCAR. Capital International Investors lifted its position in shares of PACCAR by 44.8% during the 1st quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after buying an additional 1,225,468 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of PACCAR during the 4th quarter valued at about $87,441,000. Renaissance Technologies LLC purchased a new position in shares of PACCAR during the 2nd quarter valued at about $88,437,000. Epoch Investment Partners Inc. lifted its position in shares of PACCAR by 113.3% during the 4th quarter. Epoch Investment Partners Inc. now owns 1,058,970 shares of the company’s stock valued at $103,408,000 after buying an additional 562,571 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its position in shares of PACCAR by 3,636.7% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 546,417 shares of the company’s stock valued at $67,696,000 after buying an additional 531,794 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 transaction, the chief executive officer now owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $98.05 on Wednesday. The company has a market cap of $51.39 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.53 and a beta of 0.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The stock’s 50 day simple moving average is $95.80 and its two-hundred day simple moving average is $105.25. PACCAR Inc has a 1 year low of $80.94 and a 1 year high of $125.50.

PACCAR (NASDAQ:PCAR) last released its 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). 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 business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 EPS. As a group, equities analysts anticipate that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced 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 of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio is currently 12.45%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PCAR shares. JPMorgan Chase & Co. lowered their price target on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Truist Financial lowered their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lowered their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a 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 report on Monday, August 12th. Finally, Raymond James started coverage on PACCAR in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, PACCAR 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.