PACCAR Inc. $PCAR Shares Sold by Costello Asset Management INC

Costello Asset Management INC trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 25.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,910 shares of the company’s stock after selling 6,225 shares during the quarter. Costello Asset Management INC’s holdings in PACCAR were worth $1,967,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in PACCAR during the 2nd quarter worth $4,927,720,000. Bank of America Corp DE purchased a new stake in shares of PACCAR during the second quarter worth $1,130,496,000. Bank of New York Mellon Corp acquired a new stake in shares of PACCAR in the second quarter valued at about $453,107,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of PACCAR by 9.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company’s stock valued at $411,329,000 after buying an additional 305,215 shares during the last quarter. Finally, Amundi raised its position in shares of PACCAR by 108.7% in the second quarter. Amundi now owns 3,197,359 shares of the company’s stock valued at $384,066,000 after buying an additional 1,665,545 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Stock Performance

NASDAQ:PCAR opened at $106.16 on Thursday. The company’s 50-day moving average is $113.23 and its two-hundred day moving average is $119.90. PACCAR Inc. has a 1-year low of $93.86 and a 1-year high of $139.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.22 and a quick ratio of 2.98. The firm has a market capitalization of $55.89 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.31 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 27th. The company reported $1.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.61. The business had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $7.48 billion. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The business’s revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 EPS. Analysts forecast that PACCAR Inc. will post 5.84 EPS for the current year.

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR’s dividend payout ratio is 26.67%.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of recent research reports. Citigroup lowered their price target on shares of PACCAR from $140.00 to $115.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Morgan Stanley set a $125.00 price objective on shares of PACCAR and gave the company an “equal weight” rating in a report on Friday, September 4th. Freedom Broker raised shares of PACCAR from a “hold” rating to a “buy” rating and decreased their target price for the stock from $132.00 to $120.00 in a research note on Friday, October 30th. Royal Bank Of Canada upgraded PACCAR from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $130.00 to $150.00 in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. dropped their price target on PACCAR from $142.00 to $132.00 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $131.96.

About PACCAR

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.