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

DnB Asset Management AS grew its holdings in PACCAR Inc (NASDAQ:PCAR) by 11.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 213,225 shares of the company’s stock after buying an additional 22,506 shares during the period. DnB Asset Management AS’s holdings in PACCAR were worth $22,180,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Melius Research set a $120.00 price target on shares of PACCAR in a research note on Tuesday, March 18th. Jefferies Financial Group downgraded PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Friday, December 6th. JPMorgan Chase & Co. decreased their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. Citigroup cut their price target on shares of PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Finally, Melius raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday, March 18th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.38.

PACCAR Stock Down 1.3 %

PCAR opened at $96.91 on Friday. The firm has a market cap of $50.87 billion, a P/E ratio of 12.25, a PEG ratio of 2.77 and a beta of 0.91. The business’s fifty day simple moving average is $105.19 and its 200 day simple moving average is $106.55. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $124.39. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. As a group, equities research analysts anticipate 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. Shareholders of record on Wednesday, February 12th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend was Wednesday, February 12th. This is a positive change from PACCAR’s previous quarterly dividend of $0.30. PACCAR’s dividend payout ratio is currently 16.69%.

Insider Transactions at PACCAR

In related news, CFO Harrie Schippers sold 28,676 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the sale, the chief financial officer now directly owns 114,659 shares in the company, valued at approximately $12,150,414.23. The trade was a 20.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Darrin C. Siver sold 103,671 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the transaction, the executive vice president now directly owns 61,005 shares in the company, valued at approximately $6,805,717.80. This represents a 62.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock worth $18,261,908 over the last quarter. 2.02% of the stock is currently owned by insiders.

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.