First Washington CORP Has $33.34 Million Position in PACCAR Inc. $PCAR

Key Points

• First Washington CORP cut its PACCAR stake by 26.1% in Q1, selling 101,900 shares and leaving it with 288,639 shares worth about $33.34 million. PACCAR remains its second-largest holding and accounts for about 9.4% of the fund’s portfolio.
• PACCAR’s stock was down 0.3% to $130.75, near its 52-week high of $133.49, with a market value of $68.81 billion and a trailing P/E of 27.82. The company also reported solid quarterly results, matching EPS expectations and beating revenue estimates, though sales fell 9.8% year over year.
• The company declared a quarterly dividend of $0.35 per share, payable September 2, implying an annualized yield of about 1.1%. Wall Street remains cautious overall, with an average Hold rating and an average target price of $124.18.

First Washington CORP reduced its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 26.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 288,639 shares of the company's stock after selling 101,900 shares during the quarter. PACCAR makes up about 9.4% of First Washington CORP's holdings, making the stock its 2nd largest position. First Washington CORP owned about 0.05% of PACCAR worth $33,338,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PCAR. Norges Bank bought a new stake in PACCAR in the 4th quarter valued at about $727,745,000. Wellington Management Group LLP lifted its stake in shares of PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock valued at $2,516,272,000 after buying an additional 3,597,283 shares in the last quarter. UBS Group AG boosted its holdings 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 during the period. Price T Rowe Associates Inc. MD boosted its holdings in 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 period. Finally, Focus Partners Wealth grew its stake in PACCAR by 17,292.6% in the 4th quarter. Focus Partners Wealth now owns 1,202,700 shares of the company's stock valued at $131,725,000 after buying an additional 1,195,785 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Trading Down 0.3%

Shares of PCAR stock opened at $130.75 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $133.49. The company has a market capitalization of $68.81 billion, a PE ratio of 27.82, a price-to-earnings-growth ratio of 1.20 and a beta of 0.97. The business's fifty day moving average is $118.56 and its 200 day moving average is $120.16.

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. The business had revenue of $6.78 billion during the quarter, compared to analysts' expectations of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm's revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 earnings per share. On average, equities research analysts anticipate that PACCAR Inc. will post 5.66 EPS for the current fiscal year.

PACCAR Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCAR. Morgan Stanley boosted their target price on shares of PACCAR from $109.00 to $113.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Weiss Ratings cut PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the company an "equal weight" rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. increased their price objective on PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Finally, Truist Financial raised their target price on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Thursday, July 2nd. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, PACCAR presently has an average rating of "Hold" and an average target price of $124.18.

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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