Bank of New York Mellon Corp Trims Position in PACCAR Inc. (NASDAQ:PCAR)

Bank of New York Mellon Corp lessened its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,429,329 shares of the company's stock after selling 76,635 shares during the quarter. Bank of New York Mellon Corp owned about 0.65% of PACCAR worth $333,914,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. increased its stake in PACCAR by 666.7% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock worth $27,000 after acquiring an additional 240 shares during the last quarter. Meeder Asset Management Inc. increased its stake in PACCAR by 221.8% during the fourth quarter. Meeder Asset Management Inc. now owns 280 shares of the company's stock worth $29,000 after acquiring an additional 193 shares during the last quarter. Alpine Bank Wealth Management acquired a new stake in PACCAR during the first quarter worth $29,000. Sunbelt Securities Inc. increased its stake in PACCAR by 8,750.0% during the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after acquiring an additional 350 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new stake in PACCAR during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Up 1.8%

Shares of NASDAQ:PCAR traded up $1.75 on Tuesday, hitting $98.39. 373,254 shares of the company's stock were exchanged, compared to its average volume of 2,714,264. The firm's 50-day moving average is $93.54 and its 200 day moving average is $99.01. The company has a market capitalization of $51.65 billion, a PE ratio of 14.88, a P/E/G ratio of 3.61 and a beta of 0.94. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.19 and a current ratio of 2.35.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.12). PACCAR had a return on equity of 20.79% and a net margin of 10.73%. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same period in the prior year, the company posted $2.27 earnings per share. The company's revenue was down 16.0% compared to the same quarter last year. Sell-side analysts predict that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.34%. The ex-dividend date was Wednesday, May 14th. PACCAR's dividend payout ratio is presently 20.00%.

Insider Buying and Selling

In other PACCAR news, Director Pierre R. Breber bought 5,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were bought at an average price of $89.78 per share, for a total transaction of $448,900.00. Following the transaction, the director owned 13,015 shares of the company's stock, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday. Citigroup raised their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Melius Research set a $120.00 target price on PACCAR in a research note on Tuesday, March 18th. Melius raised PACCAR from a "hold" rating to a "buy" rating in a research note on Tuesday, March 18th. Finally, Morgan Stanley cut PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 price objective for the company. in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $104.59.

About PACCAR

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.