KLP Kapitalforvaltning AS Increases Stock Position in PACCAR Inc. $PCAR

KLP Kapitalforvaltning AS grew its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 6.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 328,236 shares of the company’s stock after buying an additional 19,600 shares during the period. KLP Kapitalforvaltning AS owned 0.06% of PACCAR worth $31,202,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PCAR. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of PACCAR by 666.7% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company’s stock valued at $27,000 after buying an additional 240 shares during the period. Alpine Bank Wealth Management purchased a new stake in shares of PACCAR during the 1st quarter valued at $29,000. Bayforest Capital Ltd grew its stake in shares of PACCAR by 234.2% during the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock valued at $38,000 after buying an additional 274 shares during the period. Accent Capital Management LLC purchased a new stake in shares of PACCAR during the 1st quarter valued at $40,000. Finally, JFS Wealth Advisors LLC boosted its position in PACCAR by 64.9% during the 1st quarter. JFS Wealth Advisors LLC now owns 442 shares of the company’s stock worth $43,000 after purchasing an additional 174 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group raised shares of PACCAR from a “sell” rating to a “neutral” rating and upped their price target for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Wall Street Zen raised shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Evercore ISI set a $114.00 price target on shares of PACCAR and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Argus raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. upped their price target on shares of PACCAR from $95.00 to $97.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PACCAR currently has a consensus rating of “Moderate Buy” and an average price target of $107.68.

PACCAR Stock Performance

NASDAQ:PCAR opened at $96.68 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. The firm has a 50-day moving average of $98.93 and a two-hundred day moving average of $95.62. The stock has a market cap of $50.77 billion, a P/E ratio of 16.55, a PEG ratio of 4.00 and a beta of 0.94. PACCAR Inc. has a 1-year low of $84.65 and a 1-year high of $118.81.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.09. The company had revenue of $6.96 billion during the quarter, compared to analysts’ expectations of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The firm’s revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.13 EPS. On average, research analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Wednesday, November 12th. PACCAR’s dividend payout ratio is 22.60%.

Insider Transactions at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of the company’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the sale, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. This represents a 91.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. This trade represents a 15.19% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company’s stock.

PACCAR 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.