Bank of New York Mellon Corp Sells 99,337 Shares of PACCAR Inc. $PCAR

Bank of New York Mellon Corp reduced its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,819,544 shares of the company’s stock after selling 99,337 shares during the period. Bank of New York Mellon Corp’s holdings in PACCAR were worth $441,157,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Ares Financial Consulting LLC purchased a new stake in PACCAR in the fourth quarter worth about $27,000. MCF Advisors LLC lifted its holdings in shares of PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after purchasing an additional 92 shares during the last quarter. Steph & Co. purchased a new position in shares of PACCAR during the first quarter valued at approximately $29,000. Elyxium Wealth LLC bought a new stake in shares of PACCAR in the 4th quarter worth approximately $30,000. Finally, Wealth Watch Advisors INC bought a new stake in shares of PACCAR in the 3rd quarter worth approximately $32,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

Shares of PCAR stock opened at $126.67 on Friday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The company has a 50 day moving average price of $117.09 and a 200-day moving average price of $119.55. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $131.88. The firm has a market capitalization of $66.67 billion, a PE ratio of 26.95, a P/E/G ratio of 1.14 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting 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 for the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the prior year, the firm earned $1.46 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities research analysts expect that PACCAR Inc. will post 5.62 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio is presently 29.79%.

Wall Street Analysts Forecast Growth

PCAR has been the subject of a number of analyst reports. BNP Paribas Exane initiated coverage on PACCAR in a research report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on PACCAR from $140.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial increased their target price on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Finally, Evercore set a $139.00 price target on PACCAR in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $123.82.

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.