Bank of New York Mellon Corp Makes New $453.11 Million Investment in PACCAR Inc. $PCAR

Bank of New York Mellon Corp purchased a new stake in PACCAR Inc. (NASDAQ:PCAR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,772,123 shares of the company’s stock, valued at approximately $453,107,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ares Financial Consulting LLC acquired a new stake in PACCAR during the 4th quarter worth approximately $27,000. Steph & Co. acquired a new stake in shares of PACCAR during the 1st quarter worth approximately $29,000. MCF Advisors LLC increased its stake in PACCAR by 57.5% in 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 in the last quarter. Elyxium Wealth LLC acquired a new position in PACCAR during the 4th quarter worth approximately $30,000. Finally, Camelot Portfolios LLC bought a new position in shares of PACCAR in the 4th quarter worth $33,000. Institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PCAR. Truist Financial upped their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. raised their target price on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on shares of PACCAR in a research note on Wednesday, July 29th. Citigroup lifted their target price on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Evercore set a $139.00 price objective on PACCAR in a research report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $131.70.

PACCAR Stock Up 1.6%

Shares of NASDAQ:PCAR opened at $131.03 on Friday. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The firm has a market capitalization of $68.97 billion, a P/E ratio of 27.53, a P/E/G ratio of 1.02 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The stock has a 50 day moving average price of $126.48 and a 200-day moving average price of $121.90.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the prior year, the business posted $1.37 EPS. The firm’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities research analysts anticipate that PACCAR Inc. will post 5.89 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is 29.41%.

Insider Activity at PACCAR

In related news, CEO R Preston Feight sold 50,975 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the transaction, the chief executive officer directly owned 268,625 shares of the company’s stock, valued at approximately $35,745,928.75. This represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Lance Walters sold 1,000 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,842 shares of company stock worth $7,565,677 in the last quarter. 1.99% of the stock is owned by company insiders.

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.