Sumitomo Mitsui DS Asset Management Company Ltd Buys 13,016 Shares of PACCAR Inc (NASDAQ:PCAR)

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in PACCAR Inc (NASDAQ:PCARGet Rating) by 60.2% during the 2nd quarter, Holdings Channel reports. The fund owned 34,625 shares of the company’s stock after acquiring an additional 13,016 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in PACCAR were worth $2,851,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of PACCAR during the fourth quarter worth approximately $287,028,000. Wellington Management Group LLP increased its holdings in shares of PACCAR by 249.2% during the first quarter. Wellington Management Group LLP now owns 3,845,387 shares of the company’s stock worth $338,663,000 after purchasing an additional 2,744,040 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of PACCAR by 17.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 8,980,211 shares of the company’s stock worth $790,887,000 after purchasing an additional 1,334,765 shares during the period. Prudential Financial Inc. increased its stake in PACCAR by 383.6% in the first quarter. Prudential Financial Inc. now owns 1,555,223 shares of the company’s stock valued at $136,968,000 after acquiring an additional 1,233,650 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in PACCAR by 113.1% in the first quarter. JPMorgan Chase & Co. now owns 1,931,741 shares of the company’s stock valued at $170,130,000 after acquiring an additional 1,025,284 shares during the last quarter. 64.17% of the stock is owned by institutional investors.

Insider Transactions at PACCAR

In related news, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction on Friday, July 29th. The shares were sold at an average price of $91.50, for a total transaction of $183,000.00. Following the completion of the transaction, the vice president now owns 2,119 shares of the company’s stock, valued at $193,888.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.05% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PCAR shares. Cowen decreased their price objective on shares of PACCAR from $100.00 to $92.00 in a research note on Thursday, July 7th. Morgan Stanley lifted their price objective on shares of PACCAR from $75.00 to $81.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 27th. Citigroup lifted their price objective on shares of PACCAR from $88.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Cowen decreased their price objective on shares of PACCAR from $100.00 to $92.00 in a research note on Thursday, July 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of PACCAR from $106.00 to $94.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, PACCAR currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.21.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $84.90 on Friday. The firm has a market cap of $29.52 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The firm’s fifty day moving average is $88.72 and its 200-day moving average is $86.19. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.36 and a current ratio of 2.62. PACCAR Inc has a 52 week low of $77.00 and a 52 week high of $97.56.

PACCAR (NASDAQ:PCARGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.26. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. PACCAR had a net margin of 8.68% and a return on equity of 18.64%. PACCAR’s revenue was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 earnings per share. Sell-side analysts predict that PACCAR Inc will post 7.73 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Tuesday, November 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Monday, November 14th. This is a positive change from PACCAR’s previous quarterly dividend of $0.34. PACCAR’s payout ratio is 21.45%.

PACCAR Company Profile

(Get Rating)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.

Further Reading

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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