Fifth Third Bancorp Purchases 124,331 Shares of PACCAR Inc. $PCAR

Fifth Third Bancorp lifted its holdings in PACCAR Inc. (NASDAQ:PCAR) by 337.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 161,129 shares of the company’s stock after purchasing an additional 124,331 shares during the quarter. Fifth Third Bancorp’s holdings in PACCAR were worth $18,610,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PCAR. California Public Employees Retirement System increased its position in PACCAR by 0.8% during the third quarter. California Public Employees Retirement System now owns 1,075,315 shares of the company’s stock valued at $105,725,000 after acquiring an additional 9,045 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of PACCAR by 2.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock worth $45,281,000 after acquiring an additional 9,524 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of PACCAR by 12.6% in the 4th quarter. Nordea Investment Management AB now owns 122,451 shares of the company’s stock worth $13,487,000 after acquiring an additional 13,668 shares during the last quarter. Merit Financial Group LLC boosted its stake in shares of PACCAR by 165.8% during the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company’s stock worth $2,663,000 after purchasing an additional 15,169 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after purchasing an additional 363,782 shares during the period. Institutional investors own 64.90% of the company’s stock.

PACCAR Price Performance

PACCAR stock opened at $124.26 on Tuesday. The stock has a market cap of $65.40 billion, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $131.88. The firm has a 50-day moving average of $116.49 and a two-hundred day moving average of $119.28.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period last year, the company posted $1.46 earnings per share. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, research analysts forecast that PACCAR Inc. will post 5.58 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.1%. This is an increase from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s payout ratio is currently 29.79%.

Analyst Ratings Changes

A number of analysts recently weighed in on PCAR shares. BNP Paribas Exane began coverage on shares of PACCAR in a research report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $140.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Citigroup reaffirmed a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Finally, Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $123.82.

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.