Handelsbanken Fonder AB lowered its stake in shares of PACCAR Inc. (NASDAQ:PCAR – Free Report) by 14.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 84,038 shares of the company’s stock after selling 14,673 shares during the period. Handelsbanken Fonder AB’s holdings in PACCAR were worth $10,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of PACCAR in the fourth quarter valued at $727,745,000. Wellington Management Group LLP boosted its stake in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the period. UBS Group AG grew its holdings in PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after buying an additional 1,940,260 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of PACCAR by 129.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company’s stock valued at $249,237,000 after buying an additional 1,286,056 shares during the period. Finally, Focus Partners Wealth lifted its holdings in shares of PACCAR by 17,292.6% in the fourth quarter. Focus Partners Wealth now owns 1,202,700 shares of the company’s stock worth $131,725,000 after buying an additional 1,195,785 shares in the last quarter. 64.90% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently commented on PCAR. Truist Financial boosted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Sanford C. Bernstein reissued an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a report on Wednesday, July 29th. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. JPMorgan Chase & Co. increased their price objective on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 price objective on PACCAR in a research note on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $131.70.
Insider Transactions at PACCAR
In other PACCAR news, CFO Brice J. Poplawski sold 1,970 shares of PACCAR stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the sale, the chief financial officer owned 1,391 shares of the company’s stock, valued at $184,307.50. The trade was a 58.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the transaction, the chief executive officer owned 268,625 shares of the company’s stock, valued at $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 56,842 shares of company stock worth $7,565,677. Company insiders own 1.99% of the company’s stock.
PACCAR Trading Down 0.3%
Shares of PACCAR stock opened at $130.72 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The firm has a market cap of $68.81 billion, a PE ratio of 27.46, a PEG ratio of 1.04 and a beta of 0.97. The company has a 50 day simple moving average of $125.04 and a two-hundred day simple moving average of $121.59.
PACCAR (NASDAQ:PCAR – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter last year, the company posted $1.37 EPS. The business’s quarterly revenue was up .5% on a year-over-year basis. Analysts expect that PACCAR Inc. will post 5.85 earnings per share for the current fiscal year.
PACCAR Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR’s dividend payout ratio (DPR) is presently 29.41%.
PACCAR Company Profile
PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.
In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.
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