Midas Management Corp held its stake in shares of Paccar Inc. (NASDAQ:PCAR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,300 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Paccar were worth $1,363,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of PCAR. NN Investment Partners Holdings N.V. bought a new stake in Paccar during the first quarter worth $111,000. Meeder Asset Management Inc. acquired a new position in shares of Paccar during the first quarter worth approximately $224,000. BlueMountain Capital Management LLC boosted its position in shares of Paccar by 796.3% in the first quarter. BlueMountain Capital Management LLC now owns 4,338 shares of the company’s stock worth $237,000 after buying an additional 3,854 shares during the last quarter. Evergreen Capital Management LLC acquired a new position in shares of Paccar during the second quarter worth approximately $281,000. Finally, Virginia Retirement System acquired a new position in shares of Paccar during the first quarter worth approximately $313,000. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Paccar Inc. (NASDAQ:PCAR) traded up 0.23% on Friday, reaching $56.82. 1,084,132 shares of the company traded hands. The company has a market capitalization of $19.92 billion, a PE ratio of 30.16 and a beta of 1.51. Paccar Inc. has a 52-week low of $43.46 and a 52-week high of $60.86. The firm has a 50-day moving average of $58.18 and a 200-day moving average of $56.23.
Paccar (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 26th. The company reported $1.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.04. Paccar had a return on equity of 21.92% and a net margin of 3.71%. The firm had revenue of $4.12 billion for the quarter, compared to analyst estimates of $4.17 billion. During the same period last year, the company earned $1.26 earnings per share. The firm’s revenue for the quarter was down 14.0% on a year-over-year basis. On average, equities research analysts forecast that Paccar Inc. will post $3.98 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.69%. The ex-dividend date is Wednesday, November 16th. Paccar’s dividend payout ratio is presently 51.34%.
A number of equities analysts have recently commented on the stock. Bank of America Corp. reaffirmed a “buy” rating on shares of Paccar in a report on Thursday, June 16th. Zacks Investment Research raised shares of Paccar from a “sell” rating to a “hold” rating in a report on Thursday, July 28th. Barclays PLC lifted their target price on shares of Paccar from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Wednesday. Jefferies Group lifted their target price on shares of Paccar from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, September 1st. Finally, JPMorgan Chase & Co. lowered shares of Paccar from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $58.00 to $47.00 in a research report on Monday, June 27th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.33.
PACCAR Inc (PACCAR) is a global technology company engaged in the design, manufacture and customer support of trucks. The Company operates in three segments: the Truck segment, which includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks; the Parts segment, which includes the distribution of aftermarket parts for trucks and related commercial vehicles, and the Financial Services segment, which includes the finance and leasing products, and services provided to customers and dealers.