PACCAR Inc. $PCAR is Madison Asset Management LLC's 3rd Largest Position

Key Points

• Madison Asset Management trimmed its PACCAR stake by 7.3% in the fourth quarter, but the position remains significant at 2,282,440 shares worth about $250 million and ranks as the firm’s third-largest holding.
• Several analysts recently updated their views on PACCAR, with the overall consensus still at “Hold” and an average price target of $122.00. Recent targets ranged from $109 to $126, while Weiss Ratings upgraded the stock to a buy.
• PACCAR reported quarterly EPS of $1.15, matching expectations, and revenue of $6.78 billion, which topped estimates. The company also raised its quarterly dividend to $0.35 per share from $0.33.

Madison Asset Management LLC cut its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,282,440 shares of the company's stock after selling 178,640 shares during the quarter. PACCAR comprises approximately 2.9% of Madison Asset Management LLC's portfolio, making the stock its 3rd largest holding. Madison Asset Management LLC owned about 0.43% of PACCAR worth $249,950,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of PACCAR by 0.3% in the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock valued at $9,258,000 after purchasing an additional 290 shares during the period. Focus Partners Wealth raised its holdings in PACCAR by 15.4% during the first quarter. Focus Partners Wealth now owns 13,604 shares of the company's stock worth $1,324,000 after purchasing an additional 1,812 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in PACCAR by 2.3% in the second quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company's stock valued at $22,886,000 after purchasing an additional 5,327 shares during the period. Ieq Capital LLC increased its position in PACCAR by 11.5% during the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company's stock worth $3,556,000 after purchasing an additional 3,858 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of PACCAR during the 2nd quarter worth approximately $81,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCAR. BNP Paribas Exane assumed 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. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the stock an "equal weight" rating in a report on Wednesday, April 29th. Morgan Stanley set a $109.00 target price on PACCAR and gave the stock an "equal weight" rating in a research report on Tuesday, February 3rd. 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. Finally, Weiss Ratings raised shares of PACCAR from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $122.00.

Insider Buying and Selling at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 2,200 shares of the business's stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $130.41, for a total transaction of $286,902.00. Following the completion of the sale, the chief financial officer owned 903 shares of the company's stock, valued at approximately $117,760.23. The trade was a 70.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.99% of the stock is currently owned by company insiders.

PACCAR Trading Up 0.1%

Shares of PCAR stock opened at $113.03 on Wednesday. The firm has a 50-day moving average price of $119.49 and a 200 day moving average price of $115.22. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $59.49 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 1.05 and a beta of 1.02. PACCAR Inc. has a twelve month low of $90.05 and a twelve month high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting 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%. PACCAR's revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.46 earnings per share. Research analysts forecast that PACCAR Inc. will post 5.6 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, May 13th. This is an increase from PACCAR's previous quarterly dividend of $0.33. PACCAR's payout ratio is currently 28.09%.

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.

Want to see what other hedge funds are holding PCAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PACCAR Inc. (NASDAQ:PCAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.