Allstate Corp Increases Stock Holdings in PACCAR Inc. $PCAR

Key Points

• Allstate Corp more than doubled its PACCAR stake in the fourth quarter, buying 19,259 additional shares and bringing its total holdings to 38,223 shares worth about $4.19 million.
• PACCAR reported quarterly EPS of $1.15, matching analyst expectations, while revenue came in at $6.78 billion, ahead of estimates but down 9.8% from a year earlier.
• The company raised its quarterly dividend to $0.35 per share from $0.33, and Wall Street currently has a consensus Hold rating with an average price target of $122.

Allstate Corp lifted its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 101.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,223 shares of the company's stock after buying an additional 19,259 shares during the quarter. Allstate Corp's holdings in PACCAR were worth $4,186,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after purchasing an additional 363,782 shares in the last quarter. Capital Research Global Investors raised its stake in PACCAR by 20.3% in the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company's stock valued at $587,084,000 after purchasing an additional 1,009,134 shares in the last quarter. Invesco Ltd. raised its stake in PACCAR by 3.5% in the third quarter. Invesco Ltd. now owns 5,396,888 shares of the company's stock valued at $530,622,000 after purchasing an additional 184,502 shares in the last quarter. UBS Group AG raised its stake in PACCAR by 74.4% in the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company's stock valued at $498,146,000 after purchasing an additional 1,940,260 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in PACCAR by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 3,256,671 shares of the company's stock valued at $320,196,000 after purchasing an additional 22,941 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Trading Up 2.4%

Shares of PCAR stock opened at $112.01 on Wednesday. The stock has a market capitalization of $58.95 billion, a PE ratio of 23.83, a P/E/G ratio of 1.02 and a beta of 1.02. PACCAR Inc. has a 1-year low of $90.05 and a 1-year high of $131.88. The business has a 50-day moving average of $117.55 and a 200 day moving average of $116.05. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion for the quarter, compared to analysts' expectations of $6.44 billion. During the same quarter last year, the business earned $1.46 earnings per share. The business's revenue was down 9.8% on a year-over-year basis. As a group, sell-side analysts anticipate that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be issued a $0.35 dividend. This is a positive change from PACCAR's previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, May 13th. PACCAR's dividend payout ratio (DPR) is 29.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PCAR shares. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Truist Financial increased their price target on shares of PACCAR from $120.00 to $126.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. BNP Paribas Exane began coverage on shares of PACCAR in a research report on Tuesday, March 31st. They set a "neutral" rating and a $126.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Finally, Citigroup reiterated a "neutral" rating and set a $125.00 price target (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $122.00.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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