Envestnet Asset Management Inc. Purchases 2,821,275 Shares of PACCAR Inc (NASDAQ:PCAR)

Posted by Defense World Staff on Aug 29th, 2023

Envestnet Asset Management Inc. increased its position in PACCAR Inc (NASDAQ:PCAR – Free Report) by 832.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,160,232 shares of the company’s stock after purchasing an additional 2,821,275 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.60% of PACCAR worth $40,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PCAR. Vanguard Group Inc. lifted its holdings in PACCAR by 2.0% during the first quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock worth $3,213,241,000 after buying an additional 698,784 shares during the period. Geode Capital Management LLC lifted its holdings in shares of PACCAR by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 7,659,878 shares of the company’s stock valued at $756,825,000 after purchasing an additional 185,824 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of PACCAR by 2.0% during the 4th quarter. Bank of America Corp DE now owns 7,567,941 shares of the company’s stock valued at $748,999,000 after purchasing an additional 145,811 shares during the last quarter. Fisher Asset Management LLC purchased a new stake in shares of PACCAR during the 1st quarter valued at $347,790,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of PACCAR by 35.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,637,112 shares of the company’s stock valued at $339,437,000 after purchasing an additional 1,225,925 shares during the last quarter. Institutional investors own 65.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup raised their target price on PACCAR from $88.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, July 27th. Jefferies Financial Group raised PACCAR from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Argus downgraded PACCAR from a “buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. StockNews.com assumed coverage on PACCAR in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Raymond James raised their target price on PACCAR from $90.00 to $105.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, PACCAR presently has a consensus rating of “Hold” and an average target price of $74.57.

Get Our Latest Research Report on PACCAR

PACCAR Trading Up 0.5 %

Shares of PACCAR stock opened at $85.18 on Tuesday. 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 firm’s 50-day moving average price is $84.44 and its 200 day moving average price is $74.02. PACCAR Inc has a twelve month low of $54.64 and a twelve month high of $90.05. The firm has a market capitalization of $44.53 billion, a PE ratio of 12.23, a P/E/G ratio of 0.99 and a beta of 0.96.

PACCAR (NASDAQ:PCAR – Get Free Report) last released its earnings results on Tuesday, July 25th. The company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.15. PACCAR had a net margin of 11.20% and a return on equity of 29.75%. The business had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.31 billion. During the same period last year, the company posted $1.38 EPS. The business’s revenue was up 24.4% on a year-over-year basis. On average, sell-side analysts predict that PACCAR Inc will post 8.54 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 17th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.27%. This is a positive change from PACCAR’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, August 16th. PACCAR’s dividend payout ratio (DPR) is 15.51%.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 56,059 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $86.07, for a total value of $4,824,998.13. Following the transaction, the chief executive officer now directly owns 128,105 shares of the company’s stock, valued at approximately $11,025,997.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO R Preston Feight sold 56,059 shares of PACCAR stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $86.07, for a total transaction of $4,824,998.13. Following the sale, the chief executive officer now owns 128,105 shares of the company’s stock, valued at approximately $11,025,997.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Todd R. Hubbard sold 6,000 shares of PACCAR stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $85.19, for a total transaction of $511,140.00. Following the sale, the vice president now directly owns 3,230 shares in the company, valued at approximately $275,163.70. The disclosure for this sale can be found here. Insiders have sold 86,059 shares of company stock valued at $7,401,818 in the last ninety days. 2.06% of the stock is currently owned by corporate insiders.

PACCAR 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.