Pallas Capital Advisors LLC Takes Position in PACCAR Inc (NASDAQ:PCAR)

Pallas Capital Advisors LLC bought a new position in PACCAR Inc (NASDAQ:PCAR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,962 shares of the company’s stock, valued at approximately $288,000.

A number of other large investors have also added to or reduced their stakes in PCAR. Norges Bank purchased a new position in PACCAR during the fourth quarter valued at $526,922,000. Kovitz Investment Group Partners LLC lifted its holdings in shares of PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company’s stock valued at $557,453,000 after buying an additional 4,219,964 shares during the period. Wellington Management Group LLP lifted its holdings in PACCAR by 25.0% in the fourth quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company’s stock valued at $1,747,408,000 after acquiring an additional 3,364,650 shares during the period. Madison Investment Advisors LLC bought a new position in shares of PACCAR in the 4th quarter worth approximately $254,651,000. Finally, GAMMA Investing LLC boosted its stake in shares of PACCAR by 10,716.5% during the 1st quarter. GAMMA Investing LLC now owns 879,056 shares of the company’s stock worth $85,594,000 after acquiring an additional 870,929 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 1.9%

Shares of PCAR stock opened at $91.88 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. PACCAR Inc has a twelve month low of $84.65 and a twelve month high of $118.81. The stock has a 50 day moving average of $92.08 and a 200 day moving average of $101.38. The stock has a market cap of $48.23 billion, a P/E ratio of 11.62, a P/E/G ratio of 2.77 and a beta of 0.95.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.12). The business had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. The firm’s revenue for the quarter was down 16.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.27 earnings per share. As a group, sell-side analysts expect that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, May 14th. This represents a $1.32 annualized dividend and a yield of 1.44%. PACCAR’s dividend payout ratio (DPR) is presently 20.00%.

Insider Buying and Selling

In other news, Director Pierre R. Breber bought 5,000 shares of PACCAR stock in a transaction on Tuesday, May 6th. The shares were bought at an average cost of $89.78 per share, with a total value of $448,900.00. Following the completion of the purchase, the director now directly owns 13,015 shares of the company’s stock, valued at approximately $1,168,486.70. This trade represents a 62.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.02% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Melius raised PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. JPMorgan Chase & Co. downgraded shares of PACCAR from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $105.00 to $90.00 in a report on Wednesday, April 30th. Royal Bank of Canada cut their target price on PACCAR from $106.00 to $97.00 and set a “sector perform” rating for the company in a research report on Thursday, May 8th. Truist Financial lowered their price target on PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. Finally, Wall Street Zen upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.14.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.