Norges Bank Takes $727.75 Million Position in PACCAR Inc. $PCAR

Norges Bank bought a new stake in PACCAR Inc. (NASDAQ:PCAR) in the 4th quarter, Holdings Channel.com reports. The fund bought 6,645,465 shares of the company’s stock, valued at approximately $727,745,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock worth $9,258,000 after purchasing an additional 290 shares during the period. Focus Partners Wealth grew its stake in PACCAR by 15.4% in the first quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after acquiring an additional 1,812 shares during the period. Treasurer of the State of North Carolina grew its stake in PACCAR by 2.3% in the second quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock valued at $22,886,000 after acquiring an additional 5,327 shares during the period. Ieq Capital LLC lifted its holdings in shares of PACCAR by 11.5% in the second quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock valued at $3,556,000 after purchasing an additional 3,858 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of PACCAR in the second quarter valued at about $81,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Price Performance

Shares of PCAR opened at $110.37 on Monday. The stock has a market capitalization of $58.09 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.02 and a beta of 0.98. PACCAR Inc. has a 52 week low of $90.05 and a 52 week high of $131.88. The stock has a fifty day moving average of $117.34 and a 200-day moving average of $116.32. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.44 billion. During the same period in the previous year, the business earned $1.46 EPS. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be given a $0.35 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. PACCAR’s dividend payout ratio is 29.79%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PCAR shares. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Citigroup reaffirmed a “neutral” rating and issued a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Truist Financial upped their target price on PACCAR from $120.00 to $126.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, BNP Paribas Exane started coverage on PACCAR in a research report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $122.00.

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.