What Makes PACCAR (PCAR) a Good Investment Bet?

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 5.3% compared to a 4.1% return for the Russell Midcap Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like PACCAR Inc (NASDAQ:PCAR) in the first quarter 2023 investor letter. Headquartered in Bellevue, Washington, PACCAR Inc (NASDAQ:PCAR) is a commercial truck manufacturer. On April 17, 2023, PACCAR Inc (NASDAQ:PCAR) stock closed at $73.26 per share. One-month return of PACCAR Inc (NASDAQ:PCAR) was 4.14%, and its shares gained 31.07% of their value over the last 52 weeks. PACCAR Inc (NASDAQ:PCAR) has a market capitalization of $38.282 billion.

Madison Mid Cap Fund made the following comment about PACCAR Inc (NASDAQ:PCAR) in its Q1 2023 investor letter:

“Heavy duty truck manufacturer PACCAR Inc (NASDAQ:PCAR) has quietly been one of our best performers over the past year. It, too, has surprised us to some extent, with the resiliency that it’s showing in a slowing trucking market. We think there’s a decent chance that weakness in its end markets will eventually catch up with PACCAR, but we believe the stock is cheap, and its steady parts business will act as a moderate stabilizer in such a scenario.”

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PACCAR Inc (NASDAQ:PCAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held PACCAR Inc (NASDAQ:PCAR) at the end of the fourth quarter which was 30 in the previous quarter.

We discussed PACCAR Inc (NASDAQ:PCAR) in another article and shared the list of most undervalued industrial stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.