PACCAR Inc. $PCAR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in PACCAR Inc. (NASDAQ:PCAR) by 2.2% during the 3rd quarter, Holdings Channel reports. The fund owned 1,189,921 shares of the company’s stock after selling 26,884 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in PACCAR were worth $130,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PACCAR in the 3rd quarter worth approximately $41,917,000. ProShare Advisors LLC boosted its holdings in PACCAR by 3.6% during the third quarter. ProShare Advisors LLC now owns 590,363 shares of the company’s stock worth $64,828,000 after buying an additional 20,744 shares in the last quarter. Vise Technologies Inc. boosted its holdings in PACCAR by 27.6% during the third quarter. Vise Technologies Inc. now owns 19,281 shares of the company’s stock worth $2,117,000 after buying an additional 4,173 shares in the last quarter. Moss Adams Wealth Advisors LLC boosted its holdings in PACCAR by 10.7% during the third quarter. Moss Adams Wealth Advisors LLC now owns 3,909 shares of the company’s stock worth $429,000 after buying an additional 378 shares in the last quarter. Finally, Avestar Capital LLC grew its position in PACCAR by 98.1% in the third quarter. Avestar Capital LLC now owns 3,415 shares of the company’s stock worth $375,000 after buying an additional 1,691 shares during the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

PCAR stock opened at $102.74 on Tuesday. The firm has a 50 day simple moving average of $114.25 and a 200 day simple moving average of $120.07. PACCAR Inc. has a 52 week low of $93.86 and a 52 week high of $139.24. The stock has a market cap of $54.09 billion, a P/E ratio of 19.57, a P/E/G ratio of 1.19 and a beta of 0.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 1.88.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 earnings per share for the quarter, meeting the consensus estimate of $1.61. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The firm had revenue of $8.50 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same quarter in the prior year, the business earned $1.12 EPS. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. Research analysts anticipate that PACCAR Inc. will post 5.84 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, November 10th. PACCAR’s payout ratio is currently 26.67%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCAR. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 target price (up from $142.00) on shares of PACCAR in a research report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their price objective on shares of PACCAR from $142.00 to $132.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. Morgan Stanley set a $125.00 target price on shares of PACCAR and gave the stock an “equal weight” rating in a report on Friday, September 4th. BNP Paribas Exane cut their price target on shares of PACCAR from $136.00 to $107.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Finally, Freedom Broker upgraded shares of PACCAR from a “hold” rating to a “buy” rating and reduced their price target for the company from $132.00 to $120.00 in a research report on Friday. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $131.96.

PACCAR Profile

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.