Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in PACCAR Inc. $PCAR

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,330,051 shares of the company’s stock after selling 66,099 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PACCAR were worth $153,621,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Ares Financial Consulting LLC bought a new position in PACCAR during the fourth quarter valued at approximately $27,000. Steph & Co. bought a new stake in shares of PACCAR in the 1st quarter worth approximately $29,000. MCF Advisors LLC lifted its holdings in shares of PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after acquiring an additional 92 shares during the last quarter. Elyxium Wealth LLC purchased a new stake in shares of PACCAR in the 4th quarter valued at $30,000. Finally, Camelot Portfolios LLC purchased a new stake in shares of PACCAR in the 4th quarter valued at $33,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Evercore set a $139.00 price target on shares of PACCAR in a research report on Monday, May 11th. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the company an “equal weight” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. decreased their price objective on PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Finally, Truist Financial increased their target price on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned 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 $122.45.

PACCAR Price Performance

Shares of PACCAR stock opened at $123.28 on Friday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The company has a market cap of $64.88 billion, a PE ratio of 26.23, a P/E/G ratio of 1.14 and a beta of 0.97. The business has a 50 day moving average of $116.25 and a 200 day moving average of $119.11. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $131.88.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.46 earnings per share. As a group, equities research analysts forecast that PACCAR Inc. will post 5.58 earnings per share for the current year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. PACCAR’s dividend payout ratio is 29.79%.

About PACCAR

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.