Meeder Asset Management Inc. Raises Stock Holdings in PACCAR Inc. $PCAR

Meeder Asset Management Inc. grew its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 103.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,458 shares of the company’s stock after acquiring an additional 5,310 shares during the quarter. Meeder Asset Management Inc.’s holdings in PACCAR were worth $1,208,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCAR. Deseret Mutual Benefit Administrators increased its position in PACCAR by 9.9% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company’s stock worth $97,000 after purchasing an additional 80 shares during the last quarter. Gulf International Bank UK Ltd raised its stake in PACCAR by 0.3% during the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company’s stock valued at $2,869,000 after purchasing an additional 81 shares in the last quarter. CYBER HORNET ETFs LLC lifted its position in PACCAR by 6.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company’s stock valued at $163,000 after purchasing an additional 87 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in PACCAR by 3.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company’s stock valued at $317,000 after purchasing an additional 87 shares during the last quarter. Finally, Jackson Square Capital LLC grew its stake in shares of PACCAR by 3.5% in the 4th quarter. Jackson Square Capital LLC now owns 2,650 shares of the company’s stock worth $290,000 after buying an additional 90 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Truist Financial boosted their target price on shares of PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. BNP Paribas Exane began coverage on PACCAR in a research report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price target for the company. Morgan Stanley boosted their price objective on PACCAR from $109.00 to $113.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $124.18.

PACCAR Trading Down 1.5%

NASDAQ:PCAR opened at $124.33 on Tuesday. PACCAR Inc. has a one year low of $92.25 and a one year high of $131.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The firm has a market cap of $65.43 billion, a P/E ratio of 26.45, a P/E/G ratio of 1.16 and a beta of 0.97. The firm has a 50-day simple moving average of $117.55 and a 200-day simple moving average of $119.75.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $1.46 earnings per share. Equities analysts anticipate that PACCAR Inc. will post 5.65 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s dividend payout ratio (DPR) 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.