Meeder Asset Management Inc. Purchases 5,310 Shares of PACCAR Inc. $PCAR

Meeder Asset Management Inc. lifted its position in PACCAR Inc. (NASDAQ:PCAR) by 103.1% during the first quarter, Holdings Channel reports. The institutional investor owned 10,458 shares of the company’s stock after buying an additional 5,310 shares during the quarter. Meeder Asset Management Inc.’s holdings in PACCAR were worth $1,208,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after acquiring an additional 363,782 shares in the last quarter. Wellington Management Group LLP increased its position in shares of PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares in the last quarter. State Street Corp increased its position in shares of PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of PACCAR by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of PACCAR in the 4th quarter worth $727,745,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

Shares of PCAR stock opened at $124.33 on Tuesday. The business has a fifty day moving average of $117.55 and a 200 day moving average of $119.75. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $131.88. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The firm has a market capitalization of $65.43 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97.

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

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s payout ratio is 29.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PCAR shares. Morgan Stanley increased their price target on PACCAR from $109.00 to $113.00 and gave the company an “equal weight” rating in a research note on Friday. BNP Paribas Exane assumed coverage on PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target on the stock. Truist Financial upped their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Citigroup reaffirmed a “neutral” rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Finally, Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $124.18.

PACCAR 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.