AIA Group Ltd Decreases Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

AIA Group Ltd cut its holdings in PACCAR Inc (NASDAQ:PCAR) by 24.2% in the fourth quarter, HoldingsChannel reports. The firm owned 16,228 shares of the company’s stock after selling 5,186 shares during the quarter. AIA Group Ltd’s holdings in PACCAR were worth $1,688,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCAR. Wellington Management Group LLP lifted its position in PACCAR by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company’s stock valued at $1,747,408,000 after purchasing an additional 3,364,650 shares during the last quarter. Norges Bank purchased a new position in PACCAR in the fourth quarter worth about $526,922,000. JPMorgan Chase & Co. increased its stake 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 acquiring an additional 426,311 shares during the last quarter. Bank of New York Mellon Corp raised its position in PACCAR by 1.8% during the fourth quarter. Bank of New York Mellon Corp now owns 3,505,964 shares of the company’s stock valued at $364,690,000 after purchasing an additional 61,457 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of PACCAR by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after purchasing an additional 178,813 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Performance

Shares of PCAR opened at $97.37 on Tuesday. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $124.39. The stock has a fifty day moving average price of $104.93 and a 200-day moving average price of $106.74. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The firm has a market cap of $51.11 billion, a PE ratio of 12.31, a P/E/G ratio of 2.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data 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%. Equities research analysts predict that PACCAR Inc will post 7.57 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders 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. This represents a $1.32 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Wednesday, February 12th. PACCAR’s payout ratio is presently 16.69%.

Insider Activity

In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares of the company’s stock, valued at approximately $612,129.15. The trade was a 26.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Darrin C. Siver sold 103,671 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $111.56, for a total value of $11,565,536.76. Following the completion of the transaction, the executive vice president now directly owns 61,005 shares in the company, valued at $6,805,717.80. This represents a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock valued at $18,261,908 over the last ninety days. 2.02% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on PCAR shares. UBS Group lowered shares of PACCAR from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $124.00 to $108.00 in a research note on Tuesday, March 18th. Melius Research set a $120.00 price target on shares of PACCAR in a research note on Tuesday, March 18th. Evercore ISI reduced their price objective on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Melius upgraded PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. reduced their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a report on Tuesday, March 18th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $117.54.

PACCAR Company 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.