Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 23.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 13,145 shares of the company’s stock after buying an additional 2,490 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in PACCAR were worth $896,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of PCAR. Cable Hill Partners LLC acquired a new stake in shares of PACCAR during the first quarter valued at about $29,000. Truvestments Capital LLC acquired a new position in PACCAR in the first quarter worth about $42,000. Berman Capital Advisors LLC acquired a new position in PACCAR in the fourth quarter worth about $43,000. Lindbrook Capital LLC acquired a new position in PACCAR in the fourth quarter worth about $47,000. Finally, Quadrant Capital Group LLC grew its stake in PACCAR by 45.6% in the first quarter. Quadrant Capital Group LLC now owns 913 shares of the company’s stock worth $56,000 after purchasing an additional 286 shares in the last quarter. Institutional investors own 63.36% of the company’s stock.
PCAR has been the subject of a number of research reports. BidaskClub downgraded PACCAR from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Zacks Investment Research upgraded PACCAR from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Tuesday, March 12th. Longbow Research downgraded PACCAR from a “buy” rating to a “neutral” rating and set a $71.38 price target for the company. in a research note on Monday, May 6th. Finally, BMO Capital Markets lifted their price target on PACCAR to $70.00 and gave the stock a “market perform” rating in a research note on Friday, May 17th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $66.81.
PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 30th. The company reported $1.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.16. PACCAR had a net margin of 9.50% and a return on equity of 25.94%. The firm had revenue of $6.14 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the company posted $1.45 earnings per share. PACCAR’s revenue was up 17.3% on a year-over-year basis. As a group, analysts anticipate that PACCAR Inc will post 6.72 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 14th were issued a $0.32 dividend. The ex-dividend date was Monday, May 13th. This represents a $1.28 dividend on an annualized basis and a yield of 1.83%. PACCAR’s dividend payout ratio is currently 20.51%.
In other news, VP C Michael Dozier sold 12,638 shares of PACCAR stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.17, for a total transaction of $874,170.46. Following the sale, the vice president now owns 8,401 shares of the company’s stock, valued at $581,097.17. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Darrin C. Siver sold 5,067 shares of PACCAR stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $70.10, for a total value of $355,196.70. Following the sale, the insider now directly owns 23,193 shares in the company, valued at approximately $1,625,829.30. The disclosure for this sale can be found here. Insiders sold 22,301 shares of company stock worth $1,554,065 in the last three months. 2.32% of the stock is currently owned by corporate insiders.
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PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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