Norges Bank Buys New Holdings in PACCAR Inc (NASDAQ:PCAR)

Norges Bank purchased a new position in shares of PACCAR Inc (NASDAQ:PCAR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,065,579 shares of the company’s stock, valued at approximately $526,922,000. Norges Bank owned about 0.97% of PACCAR as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in shares of PACCAR by 53.3% during the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after acquiring an additional 4,669,172 shares during the last quarter. JPMorgan Chase & Co. boosted its position in PACCAR by 12.1% during the fourth quarter. JPMorgan Chase & Co. now owns 3,941,495 shares of the company’s stock worth $409,994,000 after purchasing an additional 426,311 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of PACCAR by 1.8% during the 4th quarter. Bank of New York Mellon Corp now owns 3,505,964 shares of the company’s stock worth $364,690,000 after buying an additional 61,457 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of PACCAR by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock worth $335,334,000 after buying an additional 178,813 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in PACCAR by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,149,396 shares of the company’s stock valued at $327,600,000 after buying an additional 96,497 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $96.91 on Friday. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $124.39. The stock has a market capitalization of $50.87 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The company’s 50 day simple moving average is $105.19 and its 200 day simple moving average is $106.55.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate 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 predict that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently announced 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 is an increase from PACCAR’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, February 12th. This represents a $1.32 annualized dividend and a yield of 1.36%. PACCAR’s payout ratio is presently 16.69%.

Analysts Set New Price Targets

PCAR has been the subject of a number of research analyst reports. Truist Financial boosted their price objective on PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Evercore ISI reduced their price target on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. JPMorgan Chase & Co. lowered their price objective on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 18th. UBS Group cut shares of PACCAR from a “buy” rating to a “neutral” rating and reduced their target price for the company from $124.00 to $108.00 in a research report on Tuesday, March 18th. Finally, Melius Research set a $120.00 price target on shares of PACCAR in a research 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.38.

Insider Transactions at PACCAR

In related news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $112.05, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael K. Walton sold 6,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the sale, the vice president now directly owns 951 shares in the company, valued at approximately $100,929.63. The trade was a 86.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 165,547 shares of company stock valued at $18,261,908. 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.