Channing Capital Management LLC Purchases New Holdings in PACCAR Inc. $PCAR

Channing Capital Management LLC acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 84,597 shares of the company’s stock, valued at approximately $8,042,000.

A number of other hedge funds have also made changes to their positions in the company. Hazlett Burt & Watson Inc. boosted its stake in shares of PACCAR by 53.8% in the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock worth $28,000 after acquiring an additional 100 shares during the last quarter. Bayforest Capital Ltd boosted its stake in PACCAR by 234.2% during the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock worth $38,000 after purchasing an additional 274 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in PACCAR by 43.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock worth $42,000 after purchasing an additional 134 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in shares of PACCAR during the second quarter worth $43,000. Finally, Quarry LP acquired a new stake in shares of PACCAR in the first quarter valued at about $62,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Stock Up 2.5%

PCAR stock opened at $108.54 on Thursday. The firm has a market cap of $57.01 billion, a PE ratio of 21.24, a PEG ratio of 14.22 and a beta of 1.01. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The firm’s 50 day moving average price is $98.86 and its 200-day moving average price is $97.60. PACCAR Inc. has a one year low of $84.65 and a one year high of $118.81.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The business had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company’s revenue was down 20.7% on a year-over-year basis. On average, equities research analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, November 12th. PACCAR’s payout ratio is 25.83%.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer owned 468 shares of the company’s stock, valued at $47,338.20. This represents a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Wells Fargo & Company started coverage on PACCAR in a report on Thursday, November 13th. They set a “positive” rating and a $106.00 target price on the stock. Wolfe Research upgraded PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 22nd. UBS Group set a $103.00 price objective on PACCAR and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. upped their target price on PACCAR from $103.00 to $108.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, PACCAR presently has an average rating of “Hold” and a consensus target price of $106.54.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.