Cullen Capital Management LLC Acquires Shares of 560,405 PACCAR Inc. $PCAR

Cullen Capital Management LLC bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 560,405 shares of the company’s stock, valued at approximately $53,272,000.

A number of other hedge funds have also modified their holdings of PCAR. Osaic Holdings Inc. raised its position in PACCAR by 161.0% in the 2nd quarter. Osaic Holdings Inc. now owns 52,648 shares of the company’s stock valued at $5,072,000 after purchasing an additional 32,476 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in PACCAR during the 2nd quarter worth $261,000. Advisory Services Network LLC increased its stake in PACCAR by 19.2% in the second quarter. Advisory Services Network LLC now owns 34,894 shares of the company’s stock valued at $3,446,000 after purchasing an additional 5,614 shares during the period. Nomura Holdings Inc. raised its holdings in shares of PACCAR by 340.7% in the second quarter. Nomura Holdings Inc. now owns 45,892 shares of the company’s stock valued at $4,362,000 after buying an additional 35,478 shares during the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of PACCAR during the second quarter worth about $128,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Down 1.1%

PCAR opened at $111.56 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $115.43. The stock has a market capitalization of $58.59 billion, a P/E ratio of 21.83, a P/E/G ratio of 15.26 and a beta of 1.01. The business has a 50 day simple moving average of $100.58 and a 200-day simple moving average of $98.41.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The business had revenue of $7.24 billion for the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The company’s revenue was down 20.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.85 EPS. On average, equities analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.2%. PACCAR’s dividend payout ratio is 25.83%.

Insider Activity

In related news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the sale, the chief financial officer owned 468 shares in the company, valued at $47,338.20. This trade represents a 87.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.02% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PCAR shares. Sanford C. Bernstein reissued an “outperform” rating and set a $125.00 price target on shares of PACCAR in a report on Friday, December 5th. Wolfe Research raised PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. upped their price target on PACCAR from $103.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Truist Financial lifted their price objective on shares of PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a research report on Wednesday, October 22nd. Finally, Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the company an “outperform” rating in a research note on Tuesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $109.12.

PACCAR Profile

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.