Cullen Capital Management LLC Buys New Stake in PACCAR Inc. $PCAR

Cullen Capital Management LLC purchased a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 560,405 shares of the company’s stock, valued at approximately $53,272,000. Cullen Capital Management LLC owned approximately 0.11% of PACCAR as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in 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. Horizon Investments LLC lifted its position in shares of PACCAR by 1.8% during the first quarter. Horizon Investments LLC now owns 16,248 shares of the company’s stock worth $1,582,000 after purchasing an additional 293 shares in the last quarter. American Century Companies Inc. lifted its position in shares of PACCAR by 16.2% during the first quarter. American Century Companies Inc. now owns 733,561 shares of the company’s stock worth $71,427,000 after purchasing an additional 102,192 shares in the last quarter. Corient IA LLC purchased a new position in shares of PACCAR in the first quarter valued at approximately $341,000. Finally, Brooklyn Investment Group grew its holdings in shares of PACCAR by 33.4% in the first quarter. Brooklyn Investment Group now owns 6,070 shares of the company’s stock valued at $591,000 after purchasing an additional 1,521 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PCAR. Jefferies Financial Group reiterated a “hold” rating and set a $90.00 target price on shares of PACCAR in a report on Tuesday, October 21st. Truist Financial increased their price objective on PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Raymond James Financial reiterated a “market perform” rating on shares of PACCAR in a report on Tuesday, October 21st. Wolfe Research upgraded PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. Finally, Citigroup reiterated a “neutral” rating and issued a $115.00 price objective (up previously from $105.00) on shares of PACCAR in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $109.12.

Insider Buying and Selling

In related news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction on Monday, October 27th. The shares were sold at an average price of $101.15, for a total transaction of $340,774.35. Following the sale, the chief financial officer directly owned 468 shares in the company, valued at $47,338.20. This trade represents a 87.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.02% of the stock is owned by corporate insiders.

PACCAR Trading Down 1.1%

PCAR opened at $111.56 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. PACCAR Inc. has a one year low of $84.65 and a one year high of $115.43. The company has a market cap of $58.59 billion, a P/E ratio of 21.83, a PEG ratio of 15.26 and a beta of 1.01. The business’s 50-day simple moving average is $100.58 and its 200-day simple moving average is $98.41.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.PACCAR’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.85 EPS. As a group, equities research analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s dividend payout ratio (DPR) is 25.83%.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.