Baker Boyer National Bank Increases Stake in PACCAR Inc. $PCAR

Key Points

• Baker Boyer National Bank boosted its PACCAR stake by 728% in the fourth quarter, ending with 36,506 shares worth about $4.0 million. PACCAR is now the bank’s 11th-largest holding.
• PACCAR’s latest quarterly results showed EPS of $1.15, matching estimates, while revenue came in above expectations at $6.78 billion. However, revenue still declined 9.8% year over year.
• The company raised its quarterly dividend to $0.35 per share from $0.33, implying an annualized yield of about 1.2%. The article also noted that CFO Brice J. Poplawski sold shares, and analysts currently rate the stock a consensus “Hold”.

Baker Boyer National Bank grew its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 728.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,506 shares of the company's stock after purchasing an additional 32,097 shares during the period. PACCAR comprises approximately 1.2% of Baker Boyer National Bank's investment portfolio, making the stock its 11th largest holding. Baker Boyer National Bank's holdings in PACCAR were worth $3,998,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ares Financial Consulting LLC acquired a new stake in shares of PACCAR during the 4th quarter valued at about $27,000. Camelot Portfolios LLC purchased a new stake in shares of PACCAR in the fourth quarter valued at approximately $33,000. Wealth Watch Advisors INC purchased a new stake in shares of PACCAR in the third quarter valued at approximately $32,000. True Wealth Design LLC raised its stake in shares of PACCAR by 61.1% during the 4th quarter. True Wealth Design LLC now owns 364 shares of the company's stock worth $40,000 after buying an additional 138 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of PACCAR during the 3rd quarter valued at approximately $38,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

PCAR has been the subject of several recent analyst reports. Citigroup reissued a "neutral" rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the company an "equal weight" 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 for the company. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Finally, Wall Street Zen upgraded PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $119.73.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 2,200 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the transaction, the chief financial officer owned 903 shares of the company's stock, valued at $117,760.23. This trade represents a 70.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.99% of the stock is currently owned by company insiders.

PACCAR Trading Up 0.2%

PCAR opened at $114.31 on Friday. PACCAR Inc. has a 52 week low of $90.05 and a 52 week high of $131.88. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The business has a fifty day simple moving average of $120.18 and a 200-day simple moving average of $114.92. The firm has a market cap of $60.16 billion, a P/E ratio of 24.32, a P/E/G ratio of 1.06 and a beta of 1.02.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted 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. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.PACCAR's revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. On average, equities analysts expect that PACCAR Inc. will post 5.6 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, May 13th. This is an increase from PACCAR's previous quarterly dividend of $0.33. PACCAR's payout ratio is currently 28.09%.

PACCAR Company 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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