PNC Financial Services Group Inc. Purchases 4,258 Shares of PACCAR Inc. $PCAR

PNC Financial Services Group Inc. raised its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 3.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,234 shares of the company’s stock after buying an additional 4,258 shares during the quarter. PNC Financial Services Group Inc.’s holdings in PACCAR were worth $15,388,000 as of its most recent SEC filing.

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

PACCAR Stock Performance

NASDAQ:PCAR opened at $132.24 on Friday. The stock’s fifty day moving average is $119.00 and its 200 day moving average is $120.24. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $133.90. The firm has a market capitalization of $69.60 billion, a PE ratio of 28.14, a PEG ratio of 1.21 and a beta of 0.97. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11.

PACCAR (NASDAQ:PCAR) last issued its quarterly 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. The company had revenue of $6.78 billion during 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%.PACCAR’s revenue was down 9.8% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. On average, sell-side analysts anticipate that PACCAR Inc. will post 5.66 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. Stockholders of record on Wednesday, August 12th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PCAR shares. BNP Paribas Exane initiated coverage on shares of PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target on the stock. Morgan Stanley boosted their target price on shares of PACCAR from $109.00 to $113.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. upped their target price on shares of PACCAR from $140.00 to $155.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Evercore set a $139.00 price target on shares of PACCAR in a report on Monday, May 11th. Finally, Citigroup reiterated a “neutral” rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $124.18.

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.