Cullen Capital Management LLC decreased its position in PACCAR Inc. (NASDAQ:PCAR – Free Report) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 525,036 shares of the company’s stock after selling 33,387 shares during the period. Cullen Capital Management LLC owned 0.10% of PACCAR worth $57,497,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCAR. Norges Bank bought a new position in PACCAR during the fourth quarter worth about $727,745,000. UBS Group AG boosted its holdings in PACCAR by 74.4% during the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock worth $498,146,000 after buying an additional 1,940,260 shares during the last quarter. American Century Companies Inc. boosted its holdings in PACCAR by 235.9% during the third quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock worth $249,801,000 after buying an additional 1,784,236 shares during the last quarter. Capital Research Global Investors boosted its holdings in PACCAR by 20.3% during the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock worth $587,084,000 after buying an additional 1,009,134 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in PACCAR by 93.2% during the fourth quarter. California Public Employees Retirement System now owns 2,077,002 shares of the company’s stock worth $227,452,000 after buying an additional 1,001,687 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on PCAR. BNP Paribas Exane began coverage on PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price on the stock. Truist Financial raised their target price on PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. reduced their target price on PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Finally, 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. 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $122.00.
PACCAR Trading Up 0.8%
NASDAQ PCAR opened at $118.52 on Friday. The firm has a market cap of $62.38 billion, a P/E ratio of 25.22, a P/E/G ratio of 1.09 and a beta of 0.98. 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 stock’s 50-day moving average is $117.65 and its 200-day moving average is $117.48. PACCAR Inc. has a one year low of $90.05 and a one year high of $131.88.
PACCAR (NASDAQ:PCAR – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $6.78 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted $1.46 earnings per share. Sell-side analysts anticipate that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.
PACCAR Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were given a dividend of $0.35 per share. This is an increase from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s payout ratio is 29.79%.
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.
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