HITE Hedge Asset Management LLC Invests $5.56 Million in PACCAR Inc. $PCAR

HITE Hedge Asset Management LLC purchased a new position in PACCAR Inc. (NASDAQ:PCAR) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 50,758 shares of the company’s stock, valued at approximately $5,559,000.

Several other hedge funds have also recently modified their holdings of the business. Y Intercept Hong Kong Ltd lifted its position in shares of PACCAR by 147.9% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 46,414 shares of the company’s stock worth $5,083,000 after purchasing an additional 27,694 shares during the period. Wealthspire Advisors LLC lifted its position in shares of PACCAR by 1,349.2% in the 4th quarter. Wealthspire Advisors LLC now owns 4,536 shares of the company’s stock worth $497,000 after purchasing an additional 4,223 shares during the period. Tiemann Investment Advisors LLC purchased a new stake in shares of PACCAR in the 4th quarter worth approximately $187,000. Quadrant Capital Group LLC lifted its position in shares of PACCAR by 40.9% in the 4th quarter. Quadrant Capital Group LLC now owns 15,753 shares of the company’s stock worth $1,725,000 after purchasing an additional 4,575 shares during the period. Finally, CI Investments Inc. lifted its position in shares of PACCAR by 93.8% in the 4th quarter. CI Investments Inc. now owns 23,839 shares of the company’s stock worth $2,611,000 after purchasing an additional 11,540 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

PCAR has been the subject of a number of analyst reports. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Sanford C. Bernstein reissued an “outperform” rating on shares of PACCAR in a research report on Tuesday, February 24th. JPMorgan Chase & Co. decreased their target price on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Finally, Evercore set a $139.00 target price on shares of PACCAR in a research 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 given a Hold rating to the company. Based on data from MarketBeat, PACCAR has an average rating of “Hold” and a consensus price target of $122.00.

PACCAR Trading Up 0.8%

NASDAQ:PCAR opened at $118.52 on Friday. PACCAR Inc. has a 52 week low of $90.05 and a 52 week high of $131.88. The firm has a 50 day moving average of $117.65 and a 200 day moving average of $117.48. 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 stock has a market capitalization of $62.38 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 1.09 and a beta of 0.98.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 EPS 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 during the quarter, compared to analysts’ expectations of $6.44 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. PACCAR’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th were issued a $0.35 dividend. 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 dividend 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.