Royal Bank of Canada Has $216.16 Million Position in PACCAR Inc. $PCAR

Royal Bank of Canada lessened its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 7.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,871,475 shares of the company’s stock after selling 152,977 shares during the period. Royal Bank of Canada’s holdings in PACCAR were worth $216,156,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC grew its position in PACCAR by 89.1% in the first quarter. Empowered Funds LLC now owns 99,442 shares of the company’s stock worth $11,486,000 after acquiring an additional 46,865 shares in the last quarter. KCM Investment Advisors LLC acquired a new position in shares of PACCAR during the 1st quarter worth $205,000. Quantinno Capital Management LP raised its holdings in shares of PACCAR by 9.0% during the 1st quarter. Quantinno Capital Management LP now owns 252,459 shares of the company’s stock valued at $29,159,000 after purchasing an additional 20,743 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of PACCAR by 95.8% during the 1st quarter. Lazard Asset Management LLC now owns 5,066 shares of the company’s stock valued at $585,000 after purchasing an additional 2,479 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of PACCAR by 21.3% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 48,372 shares of the company’s stock valued at $5,587,000 after purchasing an additional 8,510 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Key PACCAR News

Here are the key news stories impacting PACCAR this week:

• Positive Sentiment: JPMorgan raised its price target to $164 and upgraded PACCAR to “overweight,” implying substantial upside from recent levels and signaling increased confidence in the truck manufacturer’s earnings outlook. Benzinga
• Positive Sentiment: Second-quarter results exceeded expectations: adjusted earnings were $1.43 per share versus the $1.36 consensus estimate, while revenue reached $7.55 billion, above the $7.05 billion analyst forecast. Earnings also increased from $1.37 per share a year earlier. PACCAR Increases Quarterly Revenues and Profits
• Positive Sentiment: Management cited strong truck orders, higher production rates, improved freight conditions, better truck profitability and record parts revenue. Net income rose 24% from the preceding quarter, supporting the company’s near-term margin outlook. PACCAR Q2 Earnings Surpass Expectations on Truck Profit
• Neutral Sentiment: Analysts characterized truck demand as stable and regulatory conditions as clearer, which may support margins and guidance. However, quarterly revenue increased only about 0.5% year over year, suggesting that growth remains moderate. PCAR Q2 Deep Dive
• Negative Sentiment: PCAR’s lower trading action suggests investors may be taking profits or demanding stronger top-line growth after the earnings release. With the stock near its annual high and trading at roughly 28 times earnings, expectations may already reflect much of the favorable results.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. 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. JPMorgan Chase & Co. upped their price target on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley set a $119.00 price objective on PACCAR in a report on Wednesday. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $127.00.

PACCAR Price Performance

NASDAQ PCAR opened at $133.87 on Thursday. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The company has a fifty day simple moving average of $120.46 and a 200 day simple moving average of $120.68. The company has a current ratio of 1.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The company has a market cap of $70.45 billion, a P/E ratio of 28.12, a P/E/G ratio of 1.27 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.36 by $0.07. The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 EPS. On average, sell-side analysts predict that PACCAR Inc. will post 5.66 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is currently 29.79%.

About PACCAR

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.