Granite Investment Partners LLC Grows Position in PACCAR Inc. $PCAR

Granite Investment Partners LLC grew its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 9.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,656 shares of the company’s stock after purchasing an additional 11,355 shares during the quarter. PACCAR makes up about 0.9% of Granite Investment Partners LLC’s portfolio, making the stock its 24th biggest holding. Granite Investment Partners LLC’s holdings in PACCAR were worth $14,975,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of PACCAR by 0.3% during the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock worth $9,258,000 after acquiring an additional 290 shares in the last quarter. Focus Partners Wealth grew its position in shares of PACCAR by 15.4% during the 1st quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after acquiring an additional 1,812 shares during the period. Treasurer of the State of North Carolina grew its position in shares of PACCAR by 2.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock valued at $22,886,000 after acquiring an additional 5,327 shares during the period. Ieq Capital LLC increased its stake in shares of PACCAR by 11.5% in the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock valued at $3,556,000 after purchasing an additional 3,858 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of PACCAR in the 2nd quarter valued at about $81,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Down 1.6%

PCAR opened at $122.50 on Thursday. The company has a market cap of $64.47 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $131.88. The company has a 50-day moving average price of $116.18 and a 200 day moving average price of $119.03. 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 (NASDAQ:PCAR) last posted its quarterly earnings data 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 return on equity of 12.81% and a net margin of 8.91%.The company had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. During the same period in the previous year, the firm posted $1.46 EPS. PACCAR’s revenue was down 9.8% compared to the same quarter last year. Sell-side analysts expect that PACCAR Inc. will post 5.58 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date was Wednesday, May 13th. PACCAR’s dividend payout ratio (DPR) is 29.79%.

Analyst Upgrades and Downgrades

PCAR has been the topic of a number of recent analyst reports. Evercore set a $139.00 price target on PACCAR in a research report on Monday, May 11th. Weiss Ratings lowered PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. JPMorgan Chase & Co. cut their price objective on PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. BNP Paribas Exane initiated coverage on PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price for the company. Finally, Citigroup reiterated a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, PACCAR has an average rating of “Hold” and a consensus target price of $122.45.

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.