Sumitomo Life Insurance Co. Buys Shares of 6,201 PACCAR Inc. $PCAR

Sumitomo Life Insurance Co. bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,201 shares of the company’s stock, valued at approximately $745,000.

Other institutional investors also recently modified their holdings of the company. Paladin Partners LLC acquired a new stake in shares of PACCAR in the 2nd quarter valued at approximately $27,000. Ares Financial Consulting LLC acquired a new position in PACCAR during the fourth quarter valued at approximately $27,000. Steph & Co. bought a new stake in PACCAR in the first quarter valued at approximately $29,000. MCF Advisors LLC raised its holdings in PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after purchasing an additional 92 shares during the period. Finally, Elyxium Wealth LLC bought a new position in shares of PACCAR during the fourth quarter worth $30,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Trading Up 1.6%

PCAR opened at $131.03 on Friday. The stock has a market capitalization of $68.97 billion, a P/E ratio of 27.53, a P/E/G ratio of 1.03 and a beta of 0.97. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The firm’s fifty day simple moving average is $126.48 and its 200 day simple moving average is $121.90.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the prior year, the company earned $1.37 EPS. The company’s revenue was up .5% on a year-over-year basis. As a group, research analysts anticipate that PACCAR Inc. will post 5.89 EPS for the current fiscal year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. The ex-dividend date 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 (DPR) is presently 29.41%.

Insider Transactions at PACCAR

In other PACCAR news, CEO R Preston Feight sold 50,975 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the transaction, the chief executive officer owned 268,625 shares of the company’s stock, valued at $35,745,928.75. This represents a 15.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the transaction, the vice president directly owned 3,831 shares of the company’s stock, valued at $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 56,842 shares of company stock valued at $7,565,677 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

PCAR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Citigroup boosted their target price on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Evercore set a $139.00 price target on PACCAR in a report on Monday, May 11th. Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Two research 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, the company has a consensus rating of “Hold” and an average target price of $131.70.

About PACCAR

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.