Bank of New York Mellon Corp Sells 99,337 Shares of PACCAR Inc. $PCAR

Key Points

• Bank of New York Mellon trimmed its PACCAR stake by 2.5% in the first quarter, selling 99,337 shares but still holding 3.82 million shares valued at about $441.2 million.
• PACCAR reported Q1 earnings in line with expectations at $1.15 EPS, while revenue of $6.78 billion came in above estimates, though it was still down 9.8% year over year.
• The company announced a quarterly dividend of $0.35 per share, payable Sept. 2, and analysts currently rate the stock a consensus Hold with an average target price of $123.82.

Bank of New York Mellon Corp decreased its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,819,544 shares of the company's stock after selling 99,337 shares during the period. Bank of New York Mellon Corp owned 0.73% of PACCAR worth $441,157,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of PACCAR in the fourth quarter worth approximately $727,745,000. Wellington Management Group LLP grew its stake in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after buying an additional 3,597,283 shares in the last quarter. UBS Group AG grew its stake in PACCAR by 74.4% in the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company's stock worth $498,146,000 after buying an additional 1,940,260 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of PACCAR by 129.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company's stock worth $249,237,000 after buying an additional 1,286,056 shares during the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of PACCAR by 17,292.6% in the 4th quarter. Focus Partners Wealth now owns 1,202,700 shares of the company's stock worth $131,725,000 after buying an additional 1,195,785 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PCAR shares. Weiss Ratings downgraded shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday. Finally, BNP Paribas Exane assumed coverage on PACCAR in a research report on Tuesday, March 31st. They set a "neutral" rating and a $126.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, PACCAR has an average rating of "Hold" and an average target price of $123.82.

PACCAR Stock Up 2.9%

Shares of PACCAR stock opened at $126.67 on Friday. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $131.88. The company has a market cap of $66.67 billion, a P/E ratio of 26.95, a PEG ratio of 1.14 and a beta of 0.97. The company's fifty day simple moving average is $117.09 and its two-hundred day simple moving average is $119.55.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 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 during the quarter, compared to analysts' expectations of $6.44 billion. During the same period last year, the company posted $1.46 EPS. The company's quarterly revenue was down 9.8% compared to the same quarter last year. Research analysts anticipate that PACCAR Inc. will post 5.62 EPS for the current year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR's payout ratio is presently 29.79%.

About PACCAR

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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