Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in PACCAR Inc. $PCAR

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 19.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,645 shares of the company’s stock after acquiring an additional 13,808 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in PACCAR were worth $8,519,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PCAR. Hazlett Burt & Watson Inc. boosted its holdings in shares of PACCAR by 53.8% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock worth $28,000 after buying an additional 100 shares during the last quarter. Private Wealth Management Group LLC increased its holdings in PACCAR by 293.1% during the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 211 shares during the last quarter. Bayforest Capital Ltd raised its position in PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock worth $38,000 after acquiring an additional 274 shares during the period. Hantz Financial Services Inc. boosted its stake in PACCAR by 43.8% in the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock valued at $42,000 after acquiring an additional 134 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new position in shares of PACCAR during the 2nd quarter valued at approximately $43,000. Institutional investors own 64.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PCAR shares. Truist Financial upped their price objective on shares of PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a report on Wednesday, October 22nd. Wells Fargo & Company started coverage on PACCAR in a research report on Thursday, November 13th. They issued a “positive” rating and a $106.00 price target for the company. Citigroup reissued a “neutral” rating and set a $115.00 price objective (up previously from $105.00) on shares of PACCAR in a report on Thursday, December 11th. UBS Group set a $103.00 target price on PACCAR and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded PACCAR from a “neutral” rating to an “overweight” rating and upped their price target for the company from $108.00 to $133.00 in a research report on Friday, December 19th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.04.

PACCAR Price Performance

PACCAR stock opened at $118.80 on Friday. The stock has a market cap of $62.39 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 14.78 and a beta of 1.01. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The business has a 50-day simple moving average of $106.78 and a 200 day simple moving average of $101.16. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $119.21.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $6.23 billion. During the same quarter last year, the business posted $1.85 EPS. The business’s revenue was down 20.7% compared to the same quarter last year. On average, research analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.1%. PACCAR’s payout ratio is presently 25.83%.

Insider Buying and Selling

In other news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer owned 468 shares of the company’s stock, valued at $47,338.20. This represents a 87.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.02% of the stock is currently owned by corporate insiders.

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.