OLD National Bancorp IN Buys 25,003 Shares of PACCAR Inc. $PCAR

OLD National Bancorp IN boosted its stake in PACCAR Inc. (NASDAQ:PCAR) by 55.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 70,377 shares of the company’s stock after buying an additional 25,003 shares during the period. OLD National Bancorp IN’s holdings in PACCAR were worth $8,129,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of PACCAR by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after acquiring an additional 363,782 shares during the period. Wellington Management Group LLP grew its holdings in shares of PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the last quarter. State Street Corp grew its holdings in shares of PACCAR by 0.4% in the 4th quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares during the last quarter. Geode Capital Management LLC increased its position in shares of PACCAR by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares in the last quarter. Finally, Norges Bank bought a new position in PACCAR during the 4th quarter valued at about $727,745,000. 64.90% of the stock is currently owned by institutional investors.

PACCAR Trading Down 0.8%

Shares of PCAR opened at $120.68 on Friday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $131.88. The firm has a market capitalization of $63.51 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The stock’s fifty day simple moving average is $116.95 and its 200-day simple moving average is $118.42.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The company’s revenue was down 9.8% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. As a group, 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. Stockholders of record on Wednesday, May 13th were paid a $0.35 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. PACCAR’s payout ratio is 29.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Citigroup restated a “neutral” rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. JPMorgan Chase & Co. cut their target price on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Truist Financial increased their price target on PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Finally, Evercore set a $139.00 price target on PACCAR in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus target price of $122.00.

PACCAR Profile

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.