PACCAR Inc. $PCAR Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. cut its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 28.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 67,437 shares of the company’s stock after selling 26,744 shares during the period. QRG Capital Management Inc.’s holdings in PACCAR were worth $7,789,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PCAR. Lesa Sroufe & Co purchased a new position in shares of PACCAR in the first quarter valued at $726,000. Turtle Creek Wealth Advisors LLC raised its stake in shares of PACCAR by 10.8% during the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 2,451 shares of the company’s stock worth $283,000 after buying an additional 238 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of PACCAR by 1.7% in the 1st quarter. Private Advisor Group LLC now owns 24,275 shares of the company’s stock worth $2,804,000 after buying an additional 410 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of PACCAR by 40.0% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 65,001 shares of the company’s stock worth $7,508,000 after buying an additional 18,587 shares in the last quarter. Finally, Leonteq Securities AG grew its stake in PACCAR by 38.1% in the 1st quarter. Leonteq Securities AG now owns 595 shares of the company’s stock valued at $69,000 after acquiring an additional 164 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PCAR. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Evercore set a $139.00 price target on shares of PACCAR in a research report on Monday, May 11th. Citigroup reissued a “neutral” rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. JPMorgan Chase & Co. cut their price objective on PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Finally, Truist Financial upped their target price on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, PACCAR currently has a consensus rating of “Hold” and a consensus price target of $122.45.

PACCAR Stock Performance

Shares of PCAR stock opened at $119.50 on Friday. The firm has a 50-day moving average price of $116.34 and a 200 day moving average price of $118.72. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $131.88. The company has a market capitalization of $62.89 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 1.11 and a beta of 0.97. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (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 for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the prior year, the firm earned $1.46 EPS. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. Research analysts forecast that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. PACCAR’s payout ratio is currently 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.