Fifth Third Bancorp Raises Stake in PACCAR Inc. $PCAR

Fifth Third Bancorp grew its position in PACCAR Inc. (NASDAQ:PCAR) by 337.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,129 shares of the company’s stock after purchasing an additional 124,331 shares during the quarter. Fifth Third Bancorp’s holdings in PACCAR were worth $18,610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Ares Financial Consulting LLC bought a new stake in shares of PACCAR during the 4th quarter valued at $27,000. Steph & Co. bought a new position in PACCAR in the 1st quarter worth $29,000. MCF Advisors LLC boosted its holdings in PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after buying an additional 92 shares during the period. Elyxium Wealth LLC purchased a new stake in PACCAR in the 4th quarter worth $30,000. Finally, Camelot Portfolios LLC purchased a new stake in PACCAR in the 4th quarter worth $33,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on PCAR. JPMorgan Chase & Co. raised their price target on PACCAR from $140.00 to $155.00 and gave the company an “overweight” rating in a report on Monday. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Citigroup reiterated a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Evercore set a $139.00 target price on PACCAR in a research note on Monday, May 11th. Finally, Truist Financial boosted their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $123.82.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $124.26 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The company has a market cap of $65.40 billion, a P/E ratio of 26.44, a P/E/G ratio of 1.16 and a beta of 0.97. The firm’s fifty day moving average is $116.49 and its two-hundred day moving average is $119.28. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $131.88.

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 business had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, analysts anticipate that PACCAR Inc. will post 5.58 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were given a $0.35 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, May 13th. PACCAR’s dividend payout ratio (DPR) is presently 29.79%.

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.