HITE Hedge Asset Management LLC Makes New Investment in PACCAR Inc. $PCAR

HITE Hedge Asset Management LLC purchased a new position in PACCAR Inc. (NASDAQ:PCAR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 50,758 shares of the company’s stock, valued at approximately $5,559,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ares Financial Consulting LLC purchased a new position in shares of PACCAR in the fourth quarter worth $27,000. MCF Advisors LLC raised its holdings in shares of PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after buying an additional 92 shares during the last quarter. Elyxium Wealth LLC purchased a new position in shares of PACCAR in the fourth quarter worth $30,000. Camelot Portfolios LLC purchased a new position in shares of PACCAR in the fourth quarter worth $33,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of PACCAR in the third quarter worth $32,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Truist Financial raised their target price on shares of PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Citigroup reissued a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Finally, BNP Paribas Exane began coverage on shares of PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price for the company. One investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $122.00.

PACCAR Trading Up 0.8%

Shares of PACCAR stock opened at $118.52 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The firm has a fifty day moving average price of $117.65 and a 200 day moving average price of $117.48. PACCAR Inc. has a 1 year low of $90.05 and a 1 year high of $131.88. The stock has a market cap of $62.38 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion during the quarter, compared to analysts’ expectations of $6.44 billion. During the same quarter last year, the company posted $1.46 earnings per share. The firm’s revenue was down 9.8% compared to the same quarter last year. Equities research analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s dividend payout ratio is 29.79%.

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.