PineBridge Investments L.P. Buys 4,182 Shares of Paccar Inc. (PCAR)
PineBridge Investments L.P. increased its stake in shares of Paccar Inc. (NASDAQ:PCAR) by 309.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,534 shares of the company’s stock after buying an additional 4,182 shares during the period. PineBridge Investments L.P.’s holdings in Paccar were worth $287,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. BlackRock Japan Co. Ltd boosted its stake in Paccar by 15.6% in the first quarter. BlackRock Japan Co. Ltd now owns 668,424 shares of the company’s stock valued at $36,556,000 after buying an additional 90,229 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Paccar by 3.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 11,143,295 shares of the company’s stock valued at $609,427,000 after buying an additional 334,736 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Paccar by 64.5% in the first quarter. BlackRock Fund Advisors now owns 8,748,950 shares of the company’s stock valued at $478,480,000 after buying an additional 3,429,092 shares in the last quarter. Clarius Group LLC boosted its stake in Paccar by 1.9% in the first quarter. Clarius Group LLC now owns 1,236,889 shares of the company’s stock valued at $67,645,000 after buying an additional 23,500 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in Paccar by 5.7% in the first quarter. BlackRock Group LTD now owns 3,770,023 shares of the company’s stock valued at $206,183,000 after buying an additional 203,844 shares in the last quarter. 62.23% of the stock is owned by institutional investors.
Shares of Paccar Inc. (NASDAQ:PCAR) opened at 57.78 on Thursday. The firm has a 50-day moving average price of $58.34 and a 200-day moving average price of $55.72. The stock has a market capitalization of $20.25 billion, a P/E ratio of 30.67 and a beta of 1.49. Paccar Inc. has a 52-week low of $43.46 and a 52-week high of $60.86.
Paccar (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 26th. The company reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.04. Paccar had a return on equity of 21.92% and a net margin of 3.71%. The company had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $4.17 billion. During the same period last year, the firm earned $1.26 EPS. Paccar’s revenue for the quarter was down 14.0% compared to the same quarter last year. On average, analysts predict that Paccar Inc. will post $3.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $0.96 dividend on an annualized basis and a yield of 1.66%. Paccar’s payout ratio is presently 51.34%.
Several equities research analysts recently commented on PCAR shares. Zacks Investment Research cut Paccar from a “hold” rating to a “sell” rating in a research note on Monday, July 11th. Jefferies Group raised their price objective on Paccar from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, September 1st. JPMorgan Chase & Co. cut Paccar from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $58.00 to $47.00 in a research note on Monday, June 27th. Longbow Research cut Paccar from a “neutral” rating to an “underperform” rating and set a $44.00 price objective for the company. in a research note on Tuesday, July 19th. Finally, Bank of America Corp. reissued a “buy” rating on shares of Paccar in a research note on Thursday, June 16th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. Paccar currently has an average rating of “Hold” and a consensus price target of $55.93.
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.
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