Candriam S.C.A. Grows Position in PACCAR Inc. $PCAR

Key Points

• Candriam S.C.A. increased its PACCAR stake by 53.6% in the first quarter, buying 20,478 more shares and bringing its total holding to 58,695 shares worth about $6.78 million.
• PACCAR reported mixed quarterly results: earnings matched expectations at $1.15 per share, while revenue of $6.78 billion topped estimates but fell 9.8% from a year earlier.
• The company raised its dividend to $0.35 per quarter from $0.33, and analysts currently rate the stock a “Hold” on average with a consensus price target of $123.82.

Candriam S.C.A. raised its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 53.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,695 shares of the company's stock after buying an additional 20,478 shares during the quarter. Candriam S.C.A.'s holdings in PACCAR were worth $6,779,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Ares Financial Consulting LLC acquired a new stake in PACCAR in the 4th quarter valued at about $27,000. Steph & Co. purchased a new position in shares of PACCAR in the 1st quarter valued at about $29,000. MCF Advisors LLC grew its position in shares of PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after buying an additional 92 shares in the last quarter. Elyxium Wealth LLC acquired a new position in shares of PACCAR during the fourth quarter worth about $30,000. Finally, Camelot Portfolios LLC purchased a new stake in shares of PACCAR during the fourth quarter worth approximately $33,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $124.26 on Tuesday. The stock has a fifty day moving average price of $116.49 and a 200 day moving average price of $119.28. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The company has a market cap of $65.40 billion, a PE ratio of 26.44, a P/E/G ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last released 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. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The company had revenue of $6.78 billion for the quarter, compared to analysts' expectations of $6.44 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The firm's quarterly revenue was down 9.8% on a year-over-year basis. Sell-side analysts forecast that PACCAR Inc. will post 5.58 EPS for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. This is a boost from PACCAR's previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR's payout ratio is currently 29.79%.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of analyst reports. Truist Financial raised their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. Citigroup restated a "neutral" rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Finally, Weiss Ratings cut PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. One 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 currently has an average rating of "Hold" and a consensus price target of $123.82.

PACCAR 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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