84,597 Shares in PACCAR Inc. $PCAR Acquired by Channing Capital Management LLC

by · The Markets Daily

Channing Capital Management LLC purchased a new stake in shares of PACCAR Inc. (NASDAQ:PCAR – Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 84,597 shares of the company’s stock, valued at approximately $8,042,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PCAR. Hazlett Burt & Watson Inc. increased its position in shares of PACCAR by 53.8% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock valued at $28,000 after acquiring an additional 100 shares during the period. Bayforest Capital Ltd grew its stake in PACCAR by 234.2% during the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock valued at $38,000 after purchasing an additional 274 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in shares of PACCAR by 43.8% in the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock valued at $42,000 after purchasing an additional 134 shares during the period. Marshall & Sullivan Inc. WA purchased a new position in shares of PACCAR in the second quarter worth about $43,000. Finally, Quarry LP purchased a new position in shares of PACCAR in the first quarter worth about $62,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Stock Up 2.5%

PCAR stock opened at $108.54 on Thursday. The firm has a market cap of $57.01 billion, a PE ratio of 21.24, a P/E/G ratio of 14.22 and a beta of 1.01. 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’s fifty day moving average is $98.86 and its 200 day moving average is $97.60. PACCAR Inc. has a one year low of $84.65 and a one year high of $118.81.

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

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, November 12th. PACCAR’s dividend payout ratio (DPR) is presently 25.83%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of PACCAR from $103.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Jefferies Financial Group reiterated a “hold” rating and issued a $90.00 price objective on shares of PACCAR in a research note on Tuesday, October 21st. Wall Street Zen downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. Finally, UBS Group set a $103.00 price target on PACCAR and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $106.54.

Read Our Latest Research Report on PACCAR

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 468 shares of the company’s stock, valued at $47,338.20. This represents a 87.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.02% of the stock is owned by company insiders.

About PACCAR

(Free Report)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.

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