Bleakley Financial Group LLC Takes Position in PACCAR Inc. $PCAR

Bleakley Financial Group LLC bought a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,732 shares of the company’s stock, valued at approximately $1,175,000.

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

PACCAR Trading Down 0.0%

PACCAR stock opened at $112.22 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. PACCAR Inc. has a one year low of $90.05 and a one year high of $131.88. The stock has a market capitalization of $59.06 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 1.04 and a beta of 1.02. The business’s fifty day moving average is $117.42 and its 200 day moving average is $116.24.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.PACCAR’s revenue was down 9.8% compared to the same quarter last year. During the same period last year, the firm posted $1.46 earnings per share. On average, sell-side analysts predict that PACCAR Inc. will post 5.59 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 1.2%. PACCAR’s payout ratio is 29.79%.

Analyst Ratings Changes

PCAR has been the subject of a number of recent research reports. Citigroup reiterated a “neutral” rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Evercore set a $139.00 target price on PACCAR in a research note on Monday, May 11th. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Truist Financial increased their target price on PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $122.00.

PACCAR Company 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.