Fisher Asset Management LLC Lowers Stock Position in PACCAR Inc. $PCAR

Key Points

• Fisher Asset Management trimmed its PACCAR stake by 0.7% in the fourth quarter, selling 34,795 shares and ending with 5.07 million shares valued at about $555.6 million.
• PACCAR reported mixed but solid quarterly results, matching EPS expectations at $1.15 while revenue came in above estimates at $6.78 billion, though revenue fell 9.8% from a year earlier.
• The company raised its quarterly dividend to $0.35 per share from $0.33, and analysts currently have an average Hold rating with a consensus price target of $122.

Fisher Asset Management LLC cut its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,073,161 shares of the company's stock after selling 34,795 shares during the period. Fisher Asset Management LLC owned 0.97% of PACCAR worth $555,562,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. CYBER HORNET ETFs LLC grew its position in shares of PACCAR by 6.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company's stock worth $163,000 after acquiring an additional 87 shares during the last quarter. Jackson Square Capital LLC grew its position in shares of PACCAR by 3.5% during the fourth quarter. Jackson Square Capital LLC now owns 2,650 shares of the company's stock worth $290,000 after acquiring an additional 90 shares during the last quarter. Lakeside Advisors INC. grew its position in shares of PACCAR by 0.3% during the fourth quarter. Lakeside Advisors INC. now owns 34,053 shares of the company's stock worth $3,729,000 after acquiring an additional 92 shares during the last quarter. D.B. Root & Company LLC grew its position in shares of PACCAR by 3.8% during the fourth quarter. D.B. Root & Company LLC now owns 2,720 shares of the company's stock worth $298,000 after acquiring an additional 100 shares during the last quarter. Finally, First Pacific Financial grew its position in shares of PACCAR by 11.1% during the fourth quarter. First Pacific Financial now owns 1,058 shares of the company's stock worth $116,000 after acquiring an additional 106 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Price Performance

PACCAR stock opened at $109.35 on Monday. PACCAR Inc. has a one year low of $90.05 and a one year high of $131.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The business has a fifty day moving average of $117.77 and a two-hundred day moving average of $115.88. The company has a market cap of $57.55 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 1.02 and a beta of 1.02.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter last year, the company earned $1.46 earnings per share. PACCAR's quarterly revenue was down 9.8% compared to the same quarter last year. As a group, analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. This is an increase from PACCAR's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, May 13th. PACCAR's dividend payout ratio is 29.79%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PCAR shares. Wall Street Zen upgraded shares of PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. Citigroup reiterated a "neutral" rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Weiss Ratings lowered shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of PACCAR in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, PACCAR has an average rating of "Hold" and a consensus target price of $122.00.

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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