Evergreen Capital Management LLC Buys 16,906 Shares of PACCAR Inc. $PCAR

Evergreen Capital Management LLC increased its stake in PACCAR Inc. (NASDAQ:PCAR) by 2.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 793,659 shares of the company’s stock after purchasing an additional 16,906 shares during the quarter. PACCAR makes up approximately 1.9% of Evergreen Capital Management LLC’s investment portfolio, making the stock its 6th largest position. Evergreen Capital Management LLC’s holdings in PACCAR were worth $78,033,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PCAR. State Street Corp raised its position in PACCAR by 1.0% during the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock worth $2,142,139,000 after acquiring an additional 218,188 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock worth $1,184,112,000 after purchasing an additional 159,632 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after purchasing an additional 1,165,443 shares during the period. Invesco Ltd. lifted its stake in PACCAR by 5.0% in the 2nd quarter. Invesco Ltd. now owns 5,212,386 shares of the company’s stock valued at $495,489,000 after purchasing an additional 246,410 shares during the last quarter. Finally, Norges Bank bought a new position in PACCAR during the second quarter worth about $472,520,000. 64.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PCAR. Morgan Stanley raised their price objective on PACCAR from $93.00 to $102.00 and gave the company an “equal weight” rating in a research report on Tuesday. Citigroup reaffirmed a “neutral” rating and set a $120.00 price target (up previously from $113.56) on shares of PACCAR in a report on Tuesday. Sanford C. Bernstein reissued an “outperform” rating and issued a $125.00 price objective on shares of PACCAR in a research report on Friday, December 5th. Wolfe Research upgraded shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 22nd. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $90.00 price target on shares of PACCAR in a research note on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, PACCAR currently has an average rating of “Moderate Buy” and a consensus target price of $112.33.

Insider Buying and Selling

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the transaction, the chief financial officer owned 468 shares in the company, valued at $47,338.20. This trade represents a 87.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.02% of the stock is currently owned by company insiders.

PACCAR Trading Down 0.5%

Shares of PACCAR stock opened at $121.36 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The firm has a 50-day moving average of $108.94 and a 200-day moving average of $102.00. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $122.65. The stock has a market cap of $63.74 billion, a PE ratio of 23.75, a PEG ratio of 15.03 and a beta of 1.01.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $7.24 billion during the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.PACCAR’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.85 EPS. As a group, sell-side analysts forecast that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, February 11th. PACCAR’s payout ratio is 25.83%.

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.