Grimes & Company Inc. Has $2,119,000 Stake in Paccar Inc. (PCAR)
Grimes & Company Inc. increased its position in shares of Paccar Inc. (NASDAQ:PCAR) by 4.1% during the second quarter, Holdings Channel reports. The fund owned 40,847 shares of the company’s stock after buying an additional 1,609 shares during the period. Grimes & Company Inc.’s holdings in Paccar were worth $2,119,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in PCAR. Wellington Management Group LLP raised its stake in shares of Paccar by 2.7% in the first quarter. Wellington Management Group LLP now owns 2,216,874 shares of the company’s stock worth $121,241,000 after buying an additional 57,859 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Paccar by 2.1% in the first quarter. Legal & General Group Plc now owns 1,522,905 shares of the company’s stock worth $83,284,000 after buying an additional 30,642 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Paccar during the first quarter worth $1,224,000. Creative Planning raised its stake in shares of Paccar by 97.3% in the second quarter. Creative Planning now owns 9,894 shares of the company’s stock worth $513,000 after buying an additional 4,880 shares during the last quarter. Finally, Virginia Retirement System bought a new stake in shares of Paccar during the first quarter worth $313,000. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paccar Inc. (NASDAQ:PCAR) traded up 0.87% on Wednesday, reaching $57.78. 2,080,502 shares of the company were exchanged. The stock has a market capitalization of $20.25 billion, a price-to-earnings 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. The firm’s 50 day moving average price is $58.34 and its 200 day moving average price is $55.72.
Paccar (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. Paccar had a net margin of 3.71% and a return on equity of 21.92%. The business earned $4.12 billion during the quarter, compared to analyst estimates of $4.17 billion. During the same quarter in the previous year, the business posted $1.26 EPS. The company’s quarterly revenue was down 14.0% compared to the same quarter last year. Equities research analysts anticipate 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. Stockholders of record on Friday, November 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.96 annualized dividend and a dividend yield of 1.66%. Paccar’s dividend payout ratio is currently 51.34%.
A number of equities research analysts have recently weighed in on PCAR shares. Zacks Investment Research lowered shares of Paccar from a “hold” rating to a “sell” rating in a research note on Monday, July 11th. Jefferies Group lifted their target price on shares of 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. lowered shares of Paccar from a “neutral” rating to an “underweight” rating and cut their target price for the company from $58.00 to $47.00 in a research note on Monday, June 27th. Longbow Research lowered shares of Paccar from a “neutral” rating to an “underperform” rating and set a $44.00 target price on the stock. 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 investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. Paccar has an average rating of “Hold” and an average target price of $55.93.
Paccar Company Profile
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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