Bank of New York Mellon Corp cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,429,329 shares of the company's stock after selling 76,635 shares during the period. Bank of New York Mellon Corp owned about 0.65% of PACCAR worth $333,914,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of PCAR. Norges Bank acquired a new position in shares of PACCAR during the fourth quarter worth $526,922,000. Kovitz Investment Group Partners LLC boosted its position in PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after buying an additional 4,219,964 shares during the period. Wellington Management Group LLP boosted its position in PACCAR by 25.0% during the 4th quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company's stock worth $1,747,408,000 after buying an additional 3,364,650 shares during the period. Madison Investment Advisors LLC acquired a new stake in PACCAR during the 4th quarter worth approximately $254,651,000. Finally, GAMMA Investing LLC increased its holdings in PACCAR by 10,716.5% in the first quarter. GAMMA Investing LLC now owns 879,056 shares of the company's stock valued at $85,594,000 after purchasing an additional 870,929 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.
PACCAR Stock Down 1.0%
NASDAQ PCAR traded down $1.02 during trading hours on Monday, hitting $96.64. The company's stock had a trading volume of 2,693,748 shares, compared to its average volume of 2,723,414. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The company has a market capitalization of $50.73 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 3.61 and a beta of 0.94. The company has a current ratio of 2.35, a quick ratio of 2.19 and a debt-to-equity ratio of 0.55. The company's 50-day simple moving average is $93.45 and its two-hundred day simple moving average is $99.07.
PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.12). PACCAR had a net margin of 10.73% and a return on equity of 20.79%. The business had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the business posted $2.27 EPS. PACCAR's revenue was down 16.0% compared to the same quarter last year. Research analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.
PACCAR Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th were given a $0.33 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $1.32 annualized dividend and a yield of 1.37%. PACCAR's payout ratio is 20.00%.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on PCAR. Evercore ISI decreased their price objective on PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Citigroup increased their price objective on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Truist Financial decreased their price target on PACCAR from $113.00 to $104.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. downgraded PACCAR from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $105.00 to $90.00 in a report on Wednesday, April 30th. Finally, Melius upgraded PACCAR from a "hold" rating to a "buy" rating in a report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $104.59.
Check Out Our Latest Analysis on PACCAR
Insiders Place Their Bets
In other news, Director Pierre R. Breber acquired 5,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was purchased at an average price of $89.78 per share, for a total transaction of $448,900.00. Following the purchase, the director owned 13,015 shares in the company, valued at approximately $1,168,486.70. This represents a 62.38% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.02% of the company's stock.
About PACCAR
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Free Report)
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.
Further Reading
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