Granite Investment Partners LLC Has $14.76 Million Position in PACCAR Inc (NASDAQ:PCAR)

Granite Investment Partners LLC grew its holdings in PACCAR Inc (NASDAQ:PCAR) by 12.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 143,343 shares of the company’s stock after purchasing an additional 16,426 shares during the quarter. Granite Investment Partners LLC’s holdings in PACCAR were worth $14,756,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. YHB Investment Advisors Inc. acquired a new position in PACCAR in the first quarter worth $27,000. New Covenant Trust Company N.A. acquired a new position in shares of PACCAR during the first quarter valued at $27,000. Riverview Trust Co acquired a new position in shares of PACCAR during the first quarter valued at $29,000. Meeder Asset Management Inc. lifted its stake in shares of PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares during the period. Finally, Rise Advisors LLC acquired a new position in shares of PACCAR during the first quarter valued at $31,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Activity at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at $16,066,583.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PCAR. Truist Financial cut their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. JPMorgan Chase & Co. cut their price target on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 24th. Citigroup cut their price target on PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Evercore ISI dropped their price objective on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Finally, Raymond James initiated coverage on PACCAR in a report on Friday, June 28th. They issued a “market perform” rating for the company. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $112.73.

PACCAR Stock Up 3.3 %

PCAR stock opened at $99.52 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The stock has a market capitalization of $52.16 billion, a P/E ratio of 10.32, a P/E/G ratio of 1.47 and a beta of 0.91. The business has a 50-day moving average of $97.04 and a 200-day moving average of $106.30. PACCAR Inc has a fifty-two week low of $80.94 and a fifty-two week high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing the consensus estimate of $2.14 by ($0.01). The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.33 earnings per share. On average, sell-side analysts anticipate that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.21%. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

About PACCAR

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.