PACCAR Inc. $PCAR Stake Decreased by Costello Asset Management INC

Costello Asset Management INC trimmed its stake in PACCAR Inc. (NASDAQ:PCAR) by 25.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 17,910 shares of the company’s stock after selling 6,225 shares during the period. Costello Asset Management INC’s holdings in PACCAR were worth $1,967,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of PACCAR during the 2nd quarter worth approximately $4,927,720,000. Bank of America Corp DE purchased a new stake in PACCAR in the second quarter valued at approximately $1,130,496,000. Bank of New York Mellon Corp purchased a new stake in PACCAR in the second quarter valued at approximately $453,107,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in PACCAR by 9.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company’s stock valued at $411,329,000 after purchasing an additional 305,215 shares during the period. Finally, Amundi lifted its stake in PACCAR by 108.7% during the second quarter. Amundi now owns 3,197,359 shares of the company’s stock worth $384,066,000 after purchasing an additional 1,665,545 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PCAR. Jefferies Financial Group raised their price target on PACCAR from $120.00 to $140.00 and gave the stock a “hold” rating in a research report on Wednesday, July 29th. BNP Paribas Exane cut their price objective on PACCAR from $136.00 to $107.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $148.00 price objective (up from $142.00) on shares of PACCAR in a report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their target price on PACCAR from $142.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PACCAR in a research report on Tuesday, August 18th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $131.96.

PACCAR Stock Up 4.0%

PCAR stock opened at $106.16 on Thursday. The company has a current ratio of 3.22, a quick ratio of 2.98 and a debt-to-equity ratio of 0.50. PACCAR Inc. has a twelve month low of $93.86 and a twelve month high of $139.24. The company’s 50 day moving average is $113.23 and its two-hundred day moving average is $119.90. The stock has a market cap of $55.89 billion, a P/E ratio of 19.43, a PEG ratio of 1.31 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 27th. The company reported $1.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.61. The business had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $7.48 billion. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.12 EPS. Research analysts expect that PACCAR Inc. will post 5.84 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 11th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. PACCAR’s payout ratio is 26.67%.

About PACCAR

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.