DnB Asset Management AS Raises Stock Position in PACCAR Inc (NASDAQ:PCAR)

DnB Asset Management AS raised its position in PACCAR Inc (NASDAQ:PCAR) by 11.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,225 shares of the company’s stock after purchasing an additional 22,506 shares during the quarter. DnB Asset Management AS’s holdings in PACCAR were worth $22,180,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PCAR. Golden State Wealth Management LLC purchased a new position in PACCAR in the fourth quarter worth approximately $37,000. Kestra Investment Management LLC purchased a new position in shares of PACCAR during the 4th quarter worth $37,000. OFI Invest Asset Management acquired a new stake in shares of PACCAR during the 4th quarter worth about $43,000. Atala Financial Inc purchased a new stake in PACCAR in the 4th quarter valued at about $43,000. Finally, Regents Gate Capital LLP acquired a new position in PACCAR in the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PCAR shares. Truist Financial lifted their price target on shares of PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Jefferies Financial Group lowered PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research report on Friday, December 6th. Citigroup lowered their price target on PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Melius Research set a $120.00 price objective on PACCAR in a report on Tuesday, March 18th. Finally, UBS Group cut PACCAR from a “buy” rating to a “neutral” rating and lowered their target price for the company from $124.00 to $108.00 in a report on Tuesday, March 18th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.38.

Insiders Place Their Bets

In related news, EVP Darrin C. Siver sold 103,671 shares of PACCAR stock in a transaction on Friday, January 31st. The shares were sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the sale, the executive vice president now directly owns 61,005 shares in the company, valued at $6,805,717.80. This trade represents a 62.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the transaction, the vice president now owns 5,463 shares of the company’s stock, valued at $612,129.15. This represents a 26.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 165,547 shares of company stock valued at $18,261,908. 2.02% of the stock is owned by corporate insiders.

PACCAR Trading Down 1.3 %

NASDAQ PCAR opened at $96.91 on Friday. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $124.39. The firm has a 50 day moving average of $105.19 and a two-hundred day moving average of $106.55. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $50.87 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. As a group, research analysts expect that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.36%. This is an increase from PACCAR’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, February 12th. PACCAR’s dividend payout ratio is 16.69%.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, 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.