KLP Kapitalforvaltning AS Sells 56,700 Shares of PACCAR Inc. $PCAR

KLP Kapitalforvaltning AS cut its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 17.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 271,236 shares of the company’s stock after selling 56,700 shares during the period. KLP Kapitalforvaltning AS’s holdings in PACCAR were worth $30,081,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC boosted its stake in PACCAR by 293.1% during the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 211 shares during the last quarter. Wealth Watch Advisors INC bought a new position in PACCAR during the third quarter valued at approximately $32,000. AlphaQuest LLC bought a new position in PACCAR during the third quarter valued at approximately $38,000. True Wealth Design LLC boosted its stake in PACCAR by 61.1% during the fourth quarter. True Wealth Design LLC now owns 364 shares of the company’s stock valued at $40,000 after buying an additional 138 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its stake in PACCAR by 100.0% during the third quarter. Westside Investment Management Inc. now owns 432 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PCAR. JPMorgan Chase & Co. increased their price target on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Citigroup increased their price target on PACCAR from $125.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Wells Fargo & Company set a $119.00 price target on PACCAR and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Finally, Morgan Stanley set a $109.00 price target on PACCAR and gave the company an “equal weight” rating in a research note on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $117.42.

Insider Activity at PACCAR

In other PACCAR news, EVP Kevin D. Baney sold 9,672 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the sale, the executive vice president directly owned 12,592 shares of the company’s stock, valued at $1,593,265.76. The trade was a 43.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP C Michael Dozier sold 79,076 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total value of $10,115,401.92. Following the sale, the executive vice president directly owned 34,656 shares in the company, valued at $4,433,195.52. The trade was a 69.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 133,105 shares of company stock valued at $16,869,046 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

PACCAR Trading Down 0.7%

Shares of NASDAQ PCAR opened at $125.27 on Thursday. The business’s 50 day moving average is $121.27 and its two-hundred day moving average is $113.21. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.98 and a quick ratio of 2.79. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $131.88. The stock has a market capitalization of $65.92 billion, a P/E ratio of 27.78, a PEG ratio of 1.05 and a beta of 1.06.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The firm’s revenue for the quarter was down 15.1% on a year-over-year basis. As a group, research analysts expect that PACCAR Inc. will post 5.55 EPS for the current year.

PACCAR 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.