Short Interest in PACCAR Inc (NASDAQ:PCAR) Decreases By 8.6%

PACCAR Inc (NASDAQ:PCAR) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 8,552,000 shares, a decline of 8.6% from the June 30th total of 9,357,500 shares. Based on an average trading volume of 1,570,000 shares, the short-interest ratio is presently 5.4 days. Currently, 2.5% of the shares of the company are sold short.

Several equities analysts recently issued reports on PCAR shares. BMO Capital Markets boosted their target price on shares of PACCAR to $70.00 and gave the company a “market perform” rating in a research note on Friday, May 17th. BidaskClub cut shares of PACCAR from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley boosted their target price on shares of PACCAR from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. Credit Suisse Group boosted their target price on shares of PACCAR from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Loop Capital cut shares of PACCAR from a “hold” rating to a “sell” rating and decreased their target price for the company from $70.00 to $62.00 in a research note on Tuesday, July 2nd. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $68.89.

In other PACCAR news, VP C Michael Dozier sold 12,638 shares of PACCAR stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $69.17, for a total transaction of $874,170.46. Following the completion of the sale, the vice president now directly owns 8,401 shares in the company, valued at approximately $581,097.17. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP David J. Danforth sold 848 shares of PACCAR stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $71.66, for a total transaction of $60,767.68. Following the sale, the vice president now owns 4,958 shares of the company’s stock, valued at $355,290.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,553 shares of company stock valued at $1,290,135. Company insiders own 2.32% of the company’s stock.

Large investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its position in PACCAR by 32.9% during the first quarter. Parallel Advisors LLC now owns 1,717 shares of the company’s stock worth $117,000 after acquiring an additional 425 shares during the period. New York State Common Retirement Fund grew its holdings in shares of PACCAR by 9.2% during the first quarter. New York State Common Retirement Fund now owns 963,868 shares of the company’s stock worth $65,678,000 after buying an additional 80,968 shares in the last quarter. Kennedy Capital Management Inc. grew its holdings in shares of PACCAR by 3.7% during the first quarter. Kennedy Capital Management Inc. now owns 71,757 shares of the company’s stock worth $4,890,000 after buying an additional 2,584 shares in the last quarter. Meiji Yasuda Life Insurance Co grew its holdings in shares of PACCAR by 11.8% during the first quarter. Meiji Yasuda Life Insurance Co now owns 7,551 shares of the company’s stock worth $515,000 after buying an additional 798 shares in the last quarter. Finally, Lido Advisors LLC grew its holdings in shares of PACCAR by 48.0% during the first quarter. Lido Advisors LLC now owns 18,369 shares of the company’s stock worth $1,251,000 after buying an additional 5,958 shares in the last quarter. Institutional investors own 63.60% of the company’s stock.

NASDAQ:PCAR traded up $0.78 during trading hours on Friday, reaching $64.48. 1,463,216 shares of the company were exchanged, compared to its average volume of 1,829,948. The company has a current ratio of 2.43, a quick ratio of 2.26 and a debt-to-equity ratio of 0.70. The stock’s 50-day moving average is $69.25 and its 200-day moving average is $68.91. The firm has a market cap of $22.98 billion, a PE ratio of 10.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.25. PACCAR has a twelve month low of $53.43 and a twelve month high of $73.00.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.78 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.82 by ($0.04). The company had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.21 billion. PACCAR had a return on equity of 25.99% and a net margin of 9.43%. The business’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.59 earnings per share. As a group, research analysts anticipate that PACCAR will post 6.77 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Tuesday, August 13th. PACCAR’s dividend payout ratio is presently 20.51%.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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