Bank of New York Mellon Corp Raises Position in PACCAR Inc. $PCAR

Bank of New York Mellon Corp boosted its stake in PACCAR Inc. (NASDAQ:PCAR) by 20.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,918,881 shares of the company’s stock after buying an additional 662,210 shares during the quarter. Bank of New York Mellon Corp’s holdings in PACCAR were worth $429,157,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its holdings in PACCAR by 17.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,355,510 shares of the company’s stock worth $476,972,000 after buying an additional 639,204 shares during the period. Westpac Banking Corp lifted its holdings in PACCAR by 684.5% in the fourth quarter. Westpac Banking Corp now owns 2,322 shares of the company’s stock worth $254,000 after buying an additional 2,026 shares during the period. Natixis Advisors LLC lifted its holdings in PACCAR by 6.7% in the fourth quarter. Natixis Advisors LLC now owns 1,391,588 shares of the company’s stock worth $152,393,000 after buying an additional 87,245 shares during the period. Heritage Trust Co lifted its holdings in PACCAR by 12.9% in the fourth quarter. Heritage Trust Co now owns 62,436 shares of the company’s stock worth $6,837,000 after buying an additional 7,122 shares during the period. Finally, Root Financial Partners LLC lifted its holdings in PACCAR by 30.7% in the fourth quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $123,000 after buying an additional 264 shares during the period. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Sanford C. Bernstein restated an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. Citigroup reiterated a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Finally, Evercore set a $139.00 target price on shares of PACCAR in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, PACCAR currently has an average rating of “Hold” and an average target price of $122.00.

PACCAR Price Performance

PCAR stock opened at $118.07 on Friday. The firm has a 50 day moving average price of $117.35 and a 200-day moving average price of $116.79. PACCAR Inc. has a 52-week low of $90.05 and a 52-week high of $131.88. The firm has a market capitalization of $62.14 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 1.06 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. During the same period last year, the business earned $1.46 earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. Equities research analysts forecast that PACCAR Inc. will post 5.59 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Wednesday, May 13th. This is an increase from PACCAR’s previous quarterly dividend of $0.33. PACCAR’s dividend payout ratio (DPR) is presently 29.79%.

About PACCAR

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.