Meeder Asset Management Inc. Purchases New Holdings in PACCAR Inc. $PCAR

Meeder Asset Management Inc. acquired a new position in shares of PACCAR Inc. (NASDAQ:PCAR) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 56,664 shares of the company’s stock, valued at approximately $6,806,000.

Several other large investors have also modified their holdings of the stock. Nomura Asset Management Co. Ltd. lifted its position in PACCAR by 2.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock valued at $45,281,000 after purchasing an additional 9,524 shares during the period. Geode Capital Management LLC increased its position in PACCAR by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares during the period. Merit Financial Group LLC increased its position in PACCAR by 165.8% during the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company’s stock worth $2,663,000 after purchasing an additional 15,169 shares during the period. Vanguard Group Inc. raised its stake in shares of PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after buying an additional 363,782 shares in the last quarter. Finally, Swiss Life Asset Management Ltd grew its holdings in PACCAR by 118.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock worth $69,943,000 after acquiring an additional 345,937 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Buying and Selling

In other PACCAR news, VP Paulo Henrique Bolgar sold 2,897 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the completion of the sale, the vice president owned 3,831 shares of the company’s stock, valued at $512,970.90. This trade represents a 43.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William Lance Walters sold 1,000 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 56,842 shares of company stock valued at $7,565,677. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

PCAR has been the subject of several research analyst reports. Evercore set a $139.00 price objective on PACCAR in a research report on Monday, May 11th. Citigroup boosted their price objective on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. increased their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Sanford C. Bernstein reiterated an “outperform” rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 price target on PACCAR in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $131.70.

PACCAR Price Performance

PACCAR stock opened at $130.84 on Tuesday. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The firm has a fifty day moving average of $125.57 and a 200-day moving average of $121.73. The firm has a market capitalization of $68.87 billion, a P/E ratio of 27.49, a PEG ratio of 1.04 and a beta of 0.97. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. The firm had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm’s revenue was up .5% on a year-over-year basis. During the same period in the prior year, the company earned $1.37 EPS. As a group, analysts predict that PACCAR Inc. will post 5.85 EPS for the current year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is presently 29.41%.

About PACCAR

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.