Madison Asset Management LLC Has $183.11 Million Stock Holdings in PACCAR Inc. $PCAR

Key Points

• Madison Asset Management reduced its PACCAR stake by 30.5% in the first quarter, selling 697,074 shares and leaving it with 1.59 million shares worth about $183.1 million.
• PACCAR’s latest quarterly results showed EPS of $1.15, matching Wall Street estimates, while revenue came in at $6.78 billion, above expectations but down 9.8% from a year earlier.
• The company declared a quarterly dividend of $0.35 per share, and analysts currently have a consensus Hold rating with an average price target of $124.18.

Madison Asset Management LLC cut its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 30.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,585,366 shares of the company's stock after selling 697,074 shares during the period. PACCAR accounts for approximately 2.3% of Madison Asset Management LLC's holdings, making the stock its 3rd biggest holding. Madison Asset Management LLC owned about 0.30% of PACCAR worth $183,110,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after buying an additional 363,782 shares during the period. Wellington Management Group LLP boosted its stake in PACCAR by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock valued at $2,516,272,000 after acquiring an additional 3,597,283 shares during the last quarter. State Street Corp grew its holdings in PACCAR by 0.4% during the 4th quarter. State Street Corp now owns 22,497,197 shares of the company's stock worth $2,494,269,000 after acquiring an additional 94,869 shares during the period. Geode Capital Management LLC grew its holdings in PACCAR by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after acquiring an additional 50,622 shares during the period. Finally, Norges Bank bought a new stake in shares of PACCAR during the 4th quarter valued at $727,745,000. Institutional investors own 64.90% of the company's stock.

PACCAR Price Performance

NASDAQ PCAR opened at $124.33 on Tuesday. 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 stock has a market cap of $65.43 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.16 and a beta of 0.97. The business has a 50 day simple moving average of $117.55 and a 200 day simple moving average of $119.75. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting analysts' consensus estimates of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business's revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Analysts anticipate that PACCAR Inc. will post 5.65 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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 yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR's payout ratio is currently 29.79%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PCAR. Morgan Stanley increased their price target on PACCAR from $109.00 to $113.00 and gave the company an "equal weight" rating in a research note on Friday. Weiss Ratings cut PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. upped their price objective on PACCAR from $140.00 to $155.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. Finally, Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, PACCAR has a consensus 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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