PACCAR Inc. $PCAR Shares Bought by DNB Asset Management AS

DNB Asset Management AS raised its holdings in PACCAR Inc. (NASDAQ:PCAR) by 29.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 268,069 shares of the company’s stock after purchasing an additional 60,795 shares during the period. DNB Asset Management AS owned about 0.05% of PACCAR worth $29,356,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AMJ Financial Wealth Management purchased a new position in shares of PACCAR in the fourth quarter valued at approximately $5,201,000. AustralianSuper Pty Ltd purchased a new stake in PACCAR in the fourth quarter valued at $1,230,000. New York Life Investment Management LLC raised its position in PACCAR by 1.0% in the fourth quarter. New York Life Investment Management LLC now owns 71,935 shares of the company’s stock valued at $7,878,000 after purchasing an additional 699 shares during the period. Pinnacle Associates Ltd. raised its position in PACCAR by 16.1% in the fourth quarter. Pinnacle Associates Ltd. now owns 12,524 shares of the company’s stock valued at $1,372,000 after purchasing an additional 1,733 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in PACCAR by 379.5% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 1,779 shares of the company’s stock valued at $195,000 after purchasing an additional 1,408 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial lifted their target price on PACCAR from $120.00 to $126.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. Weiss Ratings upgraded PACCAR from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Citigroup restated a “neutral” rating and issued a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of PACCAR in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $122.00.

PACCAR Price Performance

Shares of PACCAR stock opened at $110.32 on Friday. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $58.06 billion, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.02 and a beta of 1.02. PACCAR Inc. has a 1-year low of $90.05 and a 1-year high of $131.88. The firm’s 50-day moving average price is $118.77 and its two-hundred day moving average price is $115.36.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, equities analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. This is an increase from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, May 13th. PACCAR’s payout ratio is currently 29.79%.

PACCAR Company 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.