As of its most recent disclosure with the Securities & Exchange Commission, Bank Julius Baer & Co. Ltd Zurich has significantly increased its position in PACCAR Inc (NASDAQ:PCAR) during the second quarter. The bank now owns approximately 7,154,411 shares of PACCAR’s stock after acquiring an additional 7,147,147 shares. This growth represents a staggering increase of 98,391.3%. Based on the latest SEC filing, Bank Julius Baer & Co. Ltd Zurich holds around 1.37% ownership of PACCAR which is valued at $598,467,000.
PACCAR, on July 25th reported its quarterly earnings results for the last quarter. The company announced earnings per share of $2.33 for the period, surpassing analysts’ consensus estimates by $0.15. This positive outcome reflects a return on equity of 29.75% and a net margin of 11.20%. Furthermore, PACCAR generated revenue amounting to $8.44 billion during the quarter, surpassing analysts’ projections of $8.31 billion.
Comparatively speaking, these figures showcase significant growth when compared to the same period in the previous year where PACCAR posted earnings per share of $1.38 and revenue increased by 24.4%. Market analysts anticipate that for the current year, PACCAR Inc will achieve earnings per share of 8.52.
This information provides valuable insight into PACCAR’s financial performance and shareholder activity during the second quarter while offering a glimpse into its future prospects based on market expectations and analyst forecasts.
Consequently, investors may find this data useful to assess their own investment strategies and make informed decisions regarding their holdings in PACCAR Inc (NASDAQ:PCAR).
Reference: October 3, 2023
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PACCAR: Institutional Investors Show Confidence in Stock’s Long-Term Performance
Institutional investors have been making changes to their holdings of PACCAR, the American truck manufacturer. One such investor, CIBC Private Wealth Group LLC, increased its position in the company by 1.9% during the third quarter. They now own 6,654 shares valued at $557,000 after purchasing an additional 124 shares. Similarly, Penserra Capital Management LLC lifted its holdings by 8.2% in the first quarter and now owns 1,653 shares worth $145,000 after buying an additional 125 shares.
Money Concepts Capital Corp also saw a rise in their holdings of PACCAR by 9.8% during the fourth quarter, amounting to 1,531 shares valued at $152,000 after purchasing an extra 137 shares. MV Capital Management Inc., another institutional investor, experienced a significant increase of 66.4% during the first quarter and now owns 351 shares worth $26,000 after adding an additional 140 shares. Lastly, Solstein Capital LLC’s holdings increased by 15.9% in the first quarter to a total of 1,057 shares valued at $77,000 with the purchase of an extra 145 shares.
These recent actions from institutional investors demonstrate their confidence in PACCAR’s stock and long-term performance outlook. It is worth noting that these institutional investors currently own approximately 65.68% of the company’s stock.
Trading on Tuesday saw PACCAR open at $84.76 per share. The stock’s moving averages for the past fifty days and two hundred days stand at $84.72 and $78.84 respectively. Over the past year, PACCAR has seen lows of $56.26 and highs of $90.05 per share.
PACCAR Inc currently boasts a market capitalization of $44.31 billion with a price-to-earnings (PE) ratio of 12.17. The company also maintains a favorable price-to-earnings growth ratio (P/E/G) of 1.00 and a beta value of 0.94. Its balance sheet exhibits a current ratio of 2.57 and a quick ratio of 2.32, highlighting the company’s solid liquidity position. Furthermore, PACCAR carries a debt-to-equity ratio of 0.53, further enhancing its financial stability.
Furthermore, the company recently announced its intention to pay a quarterly dividend on Wednesday, November 15th. Shareholders who are recorded on Wednesday, December 6th will receive a dividend of $0.27 per share annually, offering them a yield of 1.27%. The ex-dividend date for this payout is Tuesday, November 14th.
Various research analysts have provided their opinions on PACCAR in recent times. Citigroup increased their price target for the stock from $88.00 to $90.00 and gave it a “neutral” rating in July this year. Jefferies Financial Group also upgraded PACCAR from a “hold” to a “buy” rating in July, while Credit Suisse Group raised its price target from $84.00 to $90.00 around the same time frame.
StockNews.com initiated coverage on PACCAR in August with a “buy” rating for the company’s stock. Lastly, Raymond James reiterated their positive stance by raising their price objective from $90 onwards to $105 and classifying it as a “strong-buy” rating in July.
Taking all these analyst opinions into consideration, PACCAR has received one sell rating along with eight hold ratings and four buy ratings thus far.The average rating based on data collected from Bloomberg.com is currently set at “Hold,” with an estimated consensus target price of about $74.57 per share.
In conclusion, institutional investors’ modifications to their holdings, PACCAR’s recent dividend declaration, and the mix of analyst ratings all contribute to the overall outlook for the company. With its strong financial standing, solid liquidity position, and positive response from research analysts, PACCAR looks poised for future growth in the truck manufacturing industry.
