Bank of New York Mellon Corp Takes Position in PACCAR Inc. $PCAR

Key Points

• Bank of New York Mellon acquired 3.77 million PACCAR shares worth approximately $453.1 million, giving it a 0.72% stake; institutional investors collectively own 64.9% of the company.
• PACCAR reported quarterly earnings of $1.43 per share, beating estimates of $1.36, while revenue reached $7.55 billion versus the $7.05 billion consensus estimate.
• PACCAR declared a quarterly dividend of $0.35 per share, or $1.40 annualized, representing a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $131.70.

Bank of New York Mellon Corp acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 3,772,123 shares of the company's stock, valued at approximately $453,107,000. Bank of New York Mellon Corp owned 0.72% of PACCAR at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC boosted its stake in shares of PACCAR by 0.3% during the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock worth $9,258,000 after purchasing an additional 290 shares during the last quarter. Focus Partners Wealth grew its stake in PACCAR by 15.4% during the first quarter. Focus Partners Wealth now owns 13,604 shares of the company's stock worth $1,324,000 after buying an additional 1,812 shares during the period. Treasurer of the State of North Carolina increased its holdings in PACCAR by 2.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company's stock valued at $22,886,000 after purchasing an additional 5,327 shares in the last quarter. Ieq Capital LLC raised its holdings in shares of PACCAR by 11.5% during the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company's stock valued at $3,556,000 after buying an additional 3,858 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of PACCAR during the second quarter valued at approximately $81,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Up 1.6%

Shares of NASDAQ PCAR opened at $131.03 on Friday. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The stock has a market cap of $68.97 billion, a PE ratio of 27.53, a PEG ratio of 1.02 and a beta of 0.97. The business has a fifty day moving average of $126.48 and a two-hundred day moving average of $121.90. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.07. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR's revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.37 earnings per share. As a group, equities research analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is 29.41%.

Analyst Ratings Changes

Several analysts recently weighed in on PCAR shares. Weiss Ratings reissued a "hold (c+)" rating on shares of PACCAR in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Evercore set a $139.00 price objective on shares of PACCAR in a research note on Monday, May 11th. Sanford C. Bernstein restated an "outperform" rating and issued a $148.00 target price on shares of PACCAR in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company lifted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $131.70.

Insider Activity at PACCAR

In other news, VP Paulo Henrique Bolgar sold 2,897 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the transaction, the vice president directly owned 3,831 shares of the company's stock, valued at $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the transaction, the chief executive officer owned 268,625 shares of the company's stock, valued at $35,745,928.75. The trade was a 15.95% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 56,842 shares of company stock valued at $7,565,677. Insiders own 1.99% of the company's stock.

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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