Geode Capital Management LLC Buys 50,622 Shares of PACCAR Inc. $PCAR

Key Points

• Geode Capital Management slightly increased its PACCAR stake by 0.4% in the fourth quarter, buying 50,622 more shares and bringing its total to 12.3 million shares valued at about $1.35 billion.
• PACCAR reported Q1 earnings of $1.15 per share, matching analyst expectations, while revenue came in at $6.78 billion, above estimates but down 9.8% from a year earlier.
• The company also announced a higher quarterly dividend of $0.35 per share, up from $0.33, while analysts currently rate the stock a consensus Hold with an average price target of $122.

Geode Capital Management LLC raised its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,308,610 shares of the company's stock after purchasing an additional 50,622 shares during the period. Geode Capital Management LLC owned 2.34% of PACCAR worth $1,350,867,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after purchasing an additional 363,782 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of PACCAR by 20.3% during the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company's stock valued at $587,084,000 after purchasing an additional 1,009,134 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of PACCAR by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,396,888 shares of the company's stock valued at $530,622,000 after purchasing an additional 184,502 shares during the last quarter. UBS Group AG boosted its holdings in shares of PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company's stock valued at $498,146,000 after purchasing an additional 1,940,260 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of PACCAR by 0.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,256,671 shares of the company's stock valued at $320,196,000 after acquiring an additional 22,941 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

PACCAR Stock Down 0.0%

Shares of NASDAQ:PCAR opened at $112.22 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 $90.05 and a 12 month high of $131.88. The company has a 50-day moving average price of $117.42 and a 200 day moving average price of $116.24. The company has a market cap of $59.06 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.04 and a beta of 1.02.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, hitting analysts' consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the prior year, the company posted $1.46 EPS. The firm's revenue for the quarter was down 9.8% on a year-over-year basis. As a group, equities research analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be given a $0.35 dividend. This is an increase from PACCAR's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. PACCAR's dividend payout ratio is currently 29.79%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PCAR shares. Citigroup reaffirmed a "neutral" rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. JPMorgan Chase & Co. lowered their price target on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Wall Street Zen raised shares of PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Wells Fargo & Company set a $125.00 price target on shares of PACCAR and gave the company an "equal weight" rating in a report on Wednesday, April 29th. Finally, BNP Paribas Exane started coverage on shares of PACCAR in a report on Tuesday, March 31st. They issued a "neutral" rating and a $126.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average 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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