PACCAR Inc. $PCAR Shares Bought by Granite Investment Partners LLC

Granite Investment Partners LLC raised its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 9.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,656 shares of the company’s stock after buying an additional 11,355 shares during the quarter. PACCAR comprises about 0.9% of Granite Investment Partners LLC’s portfolio, making the stock its 24th biggest holding. Granite Investment Partners LLC’s holdings in PACCAR were worth $14,975,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PCAR. Ares Financial Consulting LLC purchased a new position in shares of PACCAR in the fourth quarter worth about $27,000. MCF Advisors LLC grew its stake in PACCAR by 57.5% during the 4th quarter. MCF Advisors LLC now owns 252 shares of the company’s stock valued at $28,000 after acquiring an additional 92 shares in the last quarter. Steph & Co. acquired a new stake in PACCAR in the 1st quarter valued at about $29,000. Elyxium Wealth LLC acquired a new stake in PACCAR in the 4th quarter valued at about $30,000. Finally, Wealth Watch Advisors INC purchased a new position in PACCAR in the 3rd quarter worth approximately $32,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Stock Performance

PACCAR stock opened at $122.50 on Thursday. The firm has a 50 day simple moving average of $116.18 and a 200-day simple moving average of $119.03. The stock has a market cap of $64.47 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, analysts expect that PACCAR Inc. will post 5.58 EPS for the current 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 paid a $0.35 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.79%.

Analyst Ratings Changes

Several research analysts have recently weighed in on PCAR shares. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Citigroup reiterated a “neutral” rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. JPMorgan Chase & Co. lowered their price objective on PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Finally, Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. 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 stock. According to data from MarketBeat.com, PACCAR has a consensus rating of “Hold” and an average price target of $122.45.

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.