Ascentis Independent Advisors Invests $3.60 Million in PACCAR Inc. $PCAR

Ascentis Independent Advisors purchased a new stake in PACCAR Inc. (NASDAQ:PCAR) during the first quarter, HoldingsChannel.com reports. The fund purchased 31,195 shares of the company’s stock, valued at approximately $3,603,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Koshinski Asset Management Inc. raised its position in shares of PACCAR by 47.3% during the 1st quarter. Koshinski Asset Management Inc. now owns 3,509 shares of the company’s stock worth $405,000 after acquiring an additional 1,127 shares in the last quarter. Turn8 Private Wealth Inc. boosted its holdings in PACCAR by 60.5% in the first quarter. Turn8 Private Wealth Inc. now owns 10,246 shares of the company’s stock valued at $1,183,000 after purchasing an additional 3,862 shares in the last quarter. Lesa Sroufe & Co purchased a new position in PACCAR in the first quarter valued at approximately $726,000. Turtle Creek Wealth Advisors LLC lifted its position in PACCAR by 10.8% in the first quarter. Turtle Creek Wealth Advisors LLC now owns 2,451 shares of the company’s stock valued at $283,000 after acquiring an additional 238 shares during the last quarter. Finally, Private Advisor Group LLC lifted its holdings in shares of PACCAR by 1.7% in the 1st quarter. Private Advisor Group LLC now owns 24,275 shares of the company’s stock valued at $2,804,000 after purchasing an additional 410 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wells Fargo & Company set a $125.00 price target on shares of PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Truist Financial raised their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday. Citigroup reissued a “neutral” rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, BNP Paribas Exane started coverage on PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $122.45.

PACCAR Price Performance

Shares of PCAR opened at $119.50 on Monday. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $131.88. The company’s fifty day moving average is $116.34 and its two-hundred day moving average is $118.76. The firm has a market cap of $62.89 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 1.11 and a beta of 0.97. The company has a quick ratio of 2.91, a current ratio of 3.11 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 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. Analysts forecast that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

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