Mitsubishi UFJ Asset Management Co. Ltd. Invests $159.21 Million in PACCAR Inc. $PCAR

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, HoldingsChannel reports. The fund acquired 1,325,442 shares of the company’s stock, valued at approximately $159,212,000.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in PACCAR during the fourth quarter valued at approximately $727,745,000. Bank of New York Mellon Corp purchased a new stake in shares of PACCAR in the second quarter worth $453,107,000. Wellington Management Group LLP increased its stake in shares of PACCAR by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares in the last quarter. UBS Group AG raised its position in shares of PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after purchasing an additional 1,940,260 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of PACCAR by 129.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company’s stock valued at $249,237,000 after purchasing an additional 1,286,056 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Wells Fargo & Company raised their target price on shares of PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Morgan Stanley set a $119.00 price target on shares of PACCAR in a report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price target on shares of PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Truist Financial increased their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Three analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $131.70.

Insiders Place Their Bets

In related news, CFO Brice J. Poplawski sold 1,970 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the transaction, the chief financial officer owned 1,391 shares in the company, valued at $184,307.50. The trade was a 58.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 56,842 shares of company stock valued at $7,565,677. Corporate insiders own 1.99% of the company’s stock.

PACCAR Trading Up 0.0%

Shares of PCAR stock opened at $130.84 on Tuesday. The company has a market cap of $68.87 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97. The stock’s 50 day simple moving average is $125.57 and its two-hundred day simple moving average is $121.73. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same period in the previous year, the firm earned $1.37 earnings per share. PACCAR’s quarterly revenue was up .5% compared to the same quarter last year. Research analysts predict that PACCAR Inc. will post 5.85 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.41%.

PACCAR 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.