Renaissance Technologies LLC Buys New Shares in PACCAR Inc (NASDAQ:PCAR)

Renaissance Technologies LLC bought a new stake in PACCAR Inc (NASDAQ:PCAR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 859,116 shares of the company’s stock, valued at approximately $88,437,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PCAR. PSI Advisors LLC bought a new position in shares of PACCAR in the first quarter valued at $25,000. YHB Investment Advisors Inc. bought a new position in shares of PACCAR in the first quarter valued at $27,000. New Covenant Trust Company N.A. bought a new position in shares of PACCAR in the first quarter valued at $27,000. Riverview Trust Co bought a new position in shares of PACCAR in the first quarter valued at $29,000. Finally, Meeder Asset Management Inc. boosted its position in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares during the period. 64.90% of the stock is owned by institutional investors.

PACCAR Stock Up 0.6 %

Shares of PCAR opened at $95.70 on Tuesday. PACCAR Inc has a 12 month low of $80.94 and a 12 month high of $125.50. The firm’s 50 day moving average is $97.28 and its 200-day moving average is $106.52. The stock has a market capitalization of $50.17 billion, a PE ratio of 9.93, a P/E/G ratio of 1.47 and a beta of 0.91. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.14 by ($0.01). PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The business had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. During the same period in the prior year, the business posted $2.33 earnings per share. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc will post 8.08 EPS for the current year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.25%. PACCAR’s dividend payout ratio is presently 12.45%.

Analyst Upgrades and Downgrades

PCAR has been the topic of several research analyst reports. Truist Financial dropped their price objective on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their price target on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Raymond James started coverage on shares of PACCAR in a report on Friday, June 28th. They issued a “market perform” rating on the stock. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Eight research 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, PACCAR presently has an average rating of “Hold” and an average price target of $112.73.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the sale, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.02% of the stock is currently owned by company insiders.

PACCAR Company Profile

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.