PACCAR Inc. $PCAR Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC lowered its holdings in PACCAR Inc. (NASDAQ:PCAR) by 30.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,585,366 shares of the company’s stock after selling 697,074 shares during the period. PACCAR comprises about 2.3% of Madison Asset Management LLC’s portfolio, making the stock its 3rd largest holding. Madison Asset Management LLC’s holdings in PACCAR were worth $183,110,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of PACCAR by 0.3% in the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock valued at $9,258,000 after acquiring an additional 290 shares during the last quarter. Focus Partners Wealth boosted its position in PACCAR by 15.4% during the first quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after purchasing an additional 1,812 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in PACCAR by 2.3% during the second quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock valued at $22,886,000 after purchasing an additional 5,327 shares during the last quarter. Ieq Capital LLC grew its stake in PACCAR by 11.5% in the second quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock valued at $3,556,000 after purchasing an additional 3,858 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $81,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCAR. Truist Financial upped their price objective on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Citigroup restated 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. Evercore set a $139.00 price target on shares of PACCAR in a research report on Monday, May 11th. Morgan Stanley increased their price target on shares of PACCAR from $109.00 to $113.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $124.18.

PACCAR Price Performance

NASDAQ:PCAR opened at $124.33 on Tuesday. PACCAR Inc. has a one year low of $92.25 and a one year high of $131.88. The company has a market cap of $65.43 billion, a P/E ratio of 26.45, a P/E/G ratio of 1.16 and a beta of 0.97. The firm’s fifty day moving average price is $117.55 and its two-hundred day moving average price is $119.75. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company had revenue of $6.78 billion during the quarter, compared to analysts’ expectations of $6.44 billion. During the same quarter last year, the company posted $1.46 EPS. PACCAR’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities analysts expect that PACCAR Inc. will post 5.65 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s payout ratio is currently 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.