Daiwa Securities Group Inc. Raises Position in PACCAR Inc (NASDAQ:PCAR)

Daiwa Securities Group Inc. boosted its position in shares of PACCAR Inc (NASDAQ:PCAR) by 11.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 99,145 shares of the company’s stock after buying an additional 10,570 shares during the period. Daiwa Securities Group Inc.’s holdings in PACCAR were worth $9,784,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BDF Gestion purchased a new position in shares of PACCAR in the second quarter worth about $2,862,000. Mengis Capital Management Inc. lifted its stake in PACCAR by 2.9% in the 3rd quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company’s stock worth $18,863,000 after purchasing an additional 5,433 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of PACCAR during the 1st quarter worth approximately $1,359,000. Comerica Bank grew its position in shares of PACCAR by 8.7% in the first quarter. Comerica Bank now owns 162,864 shares of the company’s stock valued at $20,177,000 after purchasing an additional 13,075 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in shares of PACCAR by 28.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company’s stock valued at $2,552,000 after purchasing an additional 5,437 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. BNP Paribas raised PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Citigroup upped their price objective on shares of PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Wednesday, November 20th. Truist Financial lifted their target price on shares of PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Finally, Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Trading Up 1.6 %

Shares of NASDAQ PCAR opened at $116.54 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $61.10 billion, a PE ratio of 13.02, a PEG ratio of 1.80 and a beta of 0.89. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50. The stock has a fifty day simple moving average of $106.19 and a 200-day simple moving average of $103.05.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. PACCAR’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.34 EPS. On average, equities analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.03%. PACCAR’s dividend payout ratio (DPR) is presently 13.41%.

Insider Buying and Selling at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the sale, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock valued at $6,358,552 in the last 90 days. Company insiders own 2.02% of the company’s stock.

About PACCAR

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.