How PACCAR Inc (PCAR) Stacks Up Against Its Peers

Hedge funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow over 700 of the best-performing investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is PACCAR Inc (NASDAQ:PCAR), so let’s take a closer look at the sentiment that surrounds it in the current quarter.

PACCAR Inc (NASDAQ:PCAR) shares didn’t see a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 26 hedge funds’ portfolios at the end of September. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Franklin Resources, Inc. (NYSE:BEN), Mylan Inc. (NASDAQ:MYL), and The Hershey Company (NYSE:HSY) to gather more data points.

We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs. We launched this strategy 2.5 years ago and it returned more than 39% since then, vs. 22% gain registered by the S&P 500 ETFs.

IM_photo/Shutterstock.com

What have hedge funds been doing with PACCAR Inc (NASDAQ:PCAR)?

At Q3’s end, a total of 26 of the hedge funds tracked by Insider Monkey were long this stock, unchanged from the previous quarter. Below, you can check out the change in hedge fund sentiment towards PCAR over the last 5 quarters. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Of the funds tracked by Insider Monkey, Mark Wolfson and Jamie Alexander’s Jasper Ridge Partners has the biggest position in PACCAR Inc (NASDAQ:PCAR), worth close to $50.8 million, accounting for 3.2% of its total 13F portfolio. On Jasper Ridge Partners’s heels is Jim Simons’ Renaissance Technologies, which holds a $42.9 million position. Remaining hedge funds and institutional investors that are bullish encompass Israel Englander’s Millennium Management, D. E. Shaw’s D E Shaw and Ken Griffin’s Citadel Investment Group. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.