Truist Financial Corp Has $9.49 Million Stock Position in PACCAR Inc (NASDAQ:PCAR)

Posted by Defense World Staff on Aug 11th, 2023

Truist Financial Corp grew its holdings in shares of PACCAR Inc (NASDAQ:PCAR – Free Report) by 45.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,611 shares of the company’s stock after buying an additional 40,275 shares during the quarter. Truist Financial Corp’s holdings in PACCAR were worth $9,488,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PCAR. Prudential PLC bought a new stake in PACCAR during the 1st quarter worth approximately $763,000. Vanguard Group Inc. grew its holdings in PACCAR by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock valued at $3,213,241,000 after buying an additional 698,784 shares in the last quarter. Candriam Luxembourg S.C.A. grew its holdings in PACCAR by 66.0% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 68,657 shares of the company’s stock valued at $6,046,000 after buying an additional 27,300 shares in the last quarter. Covestor Ltd grew its holdings in PACCAR by 73.6% during the 1st quarter. Covestor Ltd now owns 2,118 shares of the company’s stock valued at $187,000 after buying an additional 898 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in PACCAR by 0.7% during the 1st quarter. Mackenzie Financial Corp now owns 106,723 shares of the company’s stock valued at $9,399,000 after buying an additional 792 shares in the last quarter. 66.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PCAR shares. Argus lowered shares of PACCAR from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. Raymond James raised their target price on shares of PACCAR from $90.00 to $105.00 and gave the company a “strong-buy” rating in a report on Thursday, July 20th. Jefferies Financial Group raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Monday, July 17th. Credit Suisse Group raised their target price on shares of PACCAR from $84.00 to $90.00 in a report on Wednesday, July 26th. Finally, Citigroup raised their target price on shares of PACCAR from $88.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.65.

Read Our Latest Report on PCAR

Insider Transactions at PACCAR

In related news, CFO Harrie Schippers sold 24,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $86.07, for a total value of $2,065,680.00. Following the sale, the chief financial officer now owns 93,522 shares in the company, valued at $8,049,438.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO R Preston Feight sold 56,059 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $86.07, for a total value of $4,824,998.13. Following the sale, the chief executive officer now owns 128,105 shares in the company, valued at $11,025,997.35. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harrie Schippers sold 24,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $86.07, for a total value of $2,065,680.00. Following the completion of the sale, the chief financial officer now owns 93,522 shares in the company, valued at approximately $8,049,438.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,059 shares of company stock worth $7,401,818. Insiders own 2.06% of the company’s stock.

PACCAR Stock Up 0.1 %

NASDAQ:PCAR opened at $85.48 on Friday. The company has a current ratio of 2.57, a quick ratio of 2.32 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $82.20 and a 200-day simple moving average of $72.60. The company has a market cap of $44.69 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 0.99 and a beta of 0.96. PACCAR Inc has a twelve month low of $54.64 and a twelve month high of $90.05.

PACCAR (NASDAQ:PCAR – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.15. PACCAR had a return on equity of 29.75% and a net margin of 11.20%. The firm had revenue of $8.44 billion during the quarter, compared to the consensus estimate of $8.31 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. Analysts anticipate that PACCAR Inc will post 8.55 EPS for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 17th will be paid a dividend of $0.27 per share. This is a positive change from PACCAR’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, August 16th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.26%. PACCAR’s payout ratio is presently 15.52%.

PACCAR Company Profile

(Free Report)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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.