Resona Asset Management Co. Ltd. Sells 7,466 Shares of PACCAR Inc. $PCAR

Resona Asset Management Co. Ltd. reduced its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 157,999 shares of the company’s stock after selling 7,466 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in PACCAR were worth $17,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Profund Advisors LLC lifted its holdings in PACCAR by 5.3% in the fourth quarter. Profund Advisors LLC now owns 46,104 shares of the company’s stock valued at $5,049,000 after acquiring an additional 2,318 shares during the period. ProShare Advisors LLC lifted its holdings in PACCAR by 38.8% in the fourth quarter. ProShare Advisors LLC now owns 912,539 shares of the company’s stock valued at $99,932,000 after acquiring an additional 254,881 shares during the period. Entrust Financial LLC bought a new position in PACCAR in the fourth quarter valued at about $45,000. North Dakota State Investment Board bought a new position in PACCAR in the fourth quarter valued at about $1,935,000. Finally, Elyxium Wealth LLC bought a new position in PACCAR in the fourth quarter valued at about $30,000. 64.90% of the stock is owned by institutional investors.

PACCAR Stock Down 2.1%

NASDAQ PCAR opened at $109.38 on Wednesday. The stock’s 50-day moving average price is $118.32 and its 200-day moving average price is $115.63. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 52 week low of $90.05 and a 52 week high of $131.88. The company has a market capitalization of $57.57 billion, a P/E ratio of 23.27, a price-to-earnings-growth ratio of 1.04 and a beta of 1.02.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data 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 quarter last year, the company earned $1.46 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, equities research analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be given a dividend of $0.35 per share. This is an increase from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, May 13th. PACCAR’s dividend payout ratio (DPR) is 29.79%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Truist Financial increased their target price on PACCAR from $120.00 to $126.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings raised PACCAR from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.