Corient Private Wealth LLC Acquires 72,594 Shares of PACCAR Inc. $PCAR

Corient Private Wealth LLC grew its stake in PACCAR Inc. (NASDAQ:PCAR) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,395,376 shares of the company’s stock after buying an additional 72,594 shares during the period. Corient Private Wealth LLC owned approximately 0.27% of PACCAR worth $152,808,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mengis Capital Management Inc. lifted its position in PACCAR by 16.1% during the 4th quarter. Mengis Capital Management Inc. now owns 111,486 shares of the company’s stock worth $12,209,000 after acquiring an additional 15,440 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in PACCAR by 1,112.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,085 shares of the company’s stock valued at $228,000 after purchasing an additional 1,913 shares during the period. Reflection Asset Management acquired a new stake in PACCAR in the 4th quarter valued at approximately $55,000. MidFirst Bank acquired a new stake in PACCAR in the 4th quarter valued at approximately $222,000. Finally, Barnes Wealth Management Group Inc bought a new position in PACCAR in the 4th quarter worth approximately $212,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Price Performance

Shares of PCAR stock opened at $118.95 on Friday. PACCAR Inc. has a 1 year low of $90.05 and a 1 year high of $131.88. The firm’s 50 day moving average is $117.64 and its 200-day moving average is $118.00. The firm has a market capitalization of $62.60 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.10 and a beta of 0.98. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52.

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

PACCAR Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on PCAR. JPMorgan Chase & Co. lowered their price target on PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Sanford C. Bernstein restated an “outperform” rating on shares of PACCAR in a research note on Tuesday, February 24th. Citigroup restated a “neutral” rating and issued a $125.00 target price (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Finally, Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $122.00.

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.