PACCAR Inc (NASDAQ:PCAR) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 8,760,000 shares, a growth of 6.4% from the August 30th total of 8,230,000 shares. Currently, 2.6% of the shares of the stock are sold short. Based on an average trading volume of 1,760,000 shares, the days-to-cover ratio is presently 5.0 days.
NASDAQ:PCAR traded up $0.60 on Thursday, reaching $70.67. 837,233 shares of the company’s stock were exchanged, compared to its average volume of 1,697,106. The company has a quick ratio of 2.26, a current ratio of 2.43 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $24.07 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 1.47 and a beta of 1.26. The business has a fifty day moving average of $68.46 and a 200-day moving average of $68.96. PACCAR has a 52-week low of $53.43 and a 52-week high of $73.00.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.78 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.82 by ($0.04). The business had revenue of $6.27 billion for the quarter, compared to analysts’ expectations of $6.21 billion. PACCAR had a return on equity of 25.99% and a net margin of 9.43%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the company earned $1.59 earnings per share. As a group, equities analysts anticipate that PACCAR will post 6.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, November 8th. PACCAR’s dividend payout ratio is presently 20.51%.
In related news, VP David J. Danforth sold 848 shares of PACCAR stock in a transaction on Friday, July 26th. The shares were sold at an average price of $71.66, for a total value of $60,767.68. Following the sale, the vice president now owns 4,958 shares of the company’s stock, valued at approximately $355,290.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.32% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PGGM Investments boosted its holdings in PACCAR by 10.6% in the third quarter. PGGM Investments now owns 521,573 shares of the company’s stock valued at $36,515,000 after purchasing an additional 50,000 shares in the last quarter. DNB Asset Management AS boosted its holdings in PACCAR by 5.7% in the third quarter. DNB Asset Management AS now owns 124,201 shares of the company’s stock valued at $8,695,000 after purchasing an additional 6,667 shares in the last quarter. Wilsey Asset Management Inc. boosted its holdings in PACCAR by 8.6% in the third quarter. Wilsey Asset Management Inc. now owns 191,915 shares of the company’s stock valued at $13,136,000 after purchasing an additional 15,166 shares in the last quarter. Camelot Portfolios LLC boosted its holdings in PACCAR by 12.2% in the third quarter. Camelot Portfolios LLC now owns 3,139 shares of the company’s stock valued at $220,000 after purchasing an additional 342 shares in the last quarter. Finally, Winmill & CO. Inc. acquired a new position in PACCAR in the third quarter valued at approximately $4,691,000. 63.68% of the stock is owned by hedge funds and other institutional investors.
PCAR has been the topic of several recent research reports. Credit Suisse Group lifted their target price on shares of PACCAR from $74.00 to $76.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Loop Capital lowered shares of PACCAR from a “hold” rating to a “sell” rating and reduced their price objective for the company from $70.00 to $62.00 in a report on Tuesday, July 2nd. Morgan Stanley boosted their price objective on shares of PACCAR from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Wednesday, July 24th. OTR Global lowered shares of PACCAR from a “mixed” rating to a “negative” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PACCAR from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Five research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $68.89.
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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