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MARKETS LIVE BLOG:

STOCK FUTURES HIT PAUSE WITH FED IN FOCUS, AMAZON EARNINGS ON DECK

Prospect of rate cuts has fallen dramatically since the start of 2024, helping drive up Treasury yields

PACCAR (PCAR) Rose on Continued Strong Performance

Soumya Eswaran
·2 min read

Madison Investments, an investment advisor, released its “Madison Investors Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to a 10.56% return for the S&P 500 index. The business remains dedicated to its more than two-decades-old strategy of investing in long-term, competitively advantaged, expanding firms at acceptable valuations, even if market performance has been robust over the past year and valuations have generally returned to earlier highs. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Investors Fund featured stocks like PACCAR Inc (NASDAQ:PCAR) in the first quarter 2024 investor letter. Headquartered in Bellevue, Washington, PACCAR Inc (NASDAQ:PCAR) is a commercial truck manufacturer. On April 16, 2024, PACCAR Inc (NASDAQ:PCAR) stock closed at $117.54 per share. One-month return of PACCAR Inc (NASDAQ:PCAR) was -3.83%, and its shares gained 60.20% of their value over the last 52 weeks. PACCAR Inc (NASDAQ:PCAR) has a market capitalization of $61.199 billion.

Madison Investors Fund stated the following regarding PACCAR Inc (NASDAQ:PCAR) in its first quarter 2024 investor letter:

"Shares in PACCAR Inc (NASDAQ:PCAR), a truck manufacturer, appreciated nicely as investors rewarded continued strong performance. Operating margins remain a particular bright spot, supported by new truck models, improved manufacturing efficiency and a growing aftermarket parts division. On this last point, PACCAR has done an excellent job growing the aftermarket parts business by increasingly manufacturing its own parts and opening new distribution centers to expand its geographic reach and improve in-stock levels and fill rates. All told, this division’s operating profits have more than doubled over the last five years and provides a nice ballast to help offset some of the inherit cyclicality that comes with manufacturing commercial trucks."

A fleet of trucks travelling on a highway, emphasizing the transportation Services provided by the organization.

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PACCAR Inc (NASDAQ:PCAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, PACCAR Inc (NASDAQ:PCAR) was held by 38 hedge fund portfolios, compared to 35 in the previous quarter, according to our database.

We previously discussed PACCAR Inc (NASDAQ:PCAR) in another article, where we shared Jim Cramer's stock recommendation in April. In addition, please check out our hedge fund investor letters Q1 2024 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.