Comerica Bank Boosts Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Comerica Bank increased its stake in PACCAR Inc (NASDAQ:PCAR) by 8.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 162,864 shares of the company’s stock after buying an additional 13,075 shares during the quarter. Comerica Bank’s holdings in PACCAR were worth $20,177,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PSI Advisors LLC purchased a new position in shares of PACCAR in the 1st quarter worth about $25,000. AdvisorNet Financial Inc lifted its holdings in PACCAR by 188.5% during the fourth quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. YHB Investment Advisors Inc. purchased a new stake in PACCAR during the first quarter valued at about $27,000. Riverview Trust Co purchased a new stake in PACCAR during the first quarter valued at about $29,000. Finally, Rise Advisors LLC purchased a new stake in PACCAR during the first quarter valued at about $31,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PCAR has been the topic of several recent research reports. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upped their price objective on shares of PACCAR from $106.00 to $121.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Raymond James started coverage on PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. decreased their price target on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 24th. Finally, Truist Financial decreased their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $114.27.

Insiders Place Their Bets

In other news, VP Michael K. Walton sold 9,123 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the sale, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Michael K. Walton sold 9,123 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the sale, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO R Preston Feight sold 33,850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total value of $3,594,193.00. Following the sale, the chief executive officer now directly owns 154,430 shares of the company’s stock, valued at approximately $16,397,377.40. The disclosure for this sale can be found here. Insiders sold a total of 72,874 shares of company stock valued at $7,526,457 over the last quarter. 2.02% of the stock is owned by corporate insiders.

PACCAR Price Performance

Shares of PCAR stock traded down $2.83 during trading on Thursday, hitting $95.83. The company had a trading volume of 2,362,074 shares, compared to its average volume of 2,635,452. The company has a quick ratio of 1.43, a current ratio of 1.81 and a debt-to-equity ratio of 0.54. The stock’s 50-day moving average is $104.82 and its two-hundred day moving average is $108.69. The stock has a market capitalization of $50.23 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 1.50 and a beta of 0.92. PACCAR Inc has a 52 week low of $80.94 and a 52 week high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.01). The firm had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.33 EPS. As a group, analysts predict that PACCAR Inc will post 8.11 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.25%. The ex-dividend date is Thursday, August 15th. PACCAR’s dividend payout ratio is currently 12.45%.

About PACCAR

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.