Nissay Asset Management Corp Japan Increases Position in PACCAR Inc. $PCAR

Nissay Asset Management Corp Japan lifted its position in PACCAR Inc. (NASDAQ:PCAR) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 156,784 shares of the company’s stock after acquiring an additional 8,922 shares during the period. Nissay Asset Management Corp Japan’s holdings in PACCAR were worth $18,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hsbc Holdings PLC lifted its position in PACCAR by 19.9% during the 2nd quarter. Hsbc Holdings PLC now owns 1,966,444 shares of the company’s stock worth $236,428,000 after acquiring an additional 326,135 shares during the period. Kingsview Wealth Management LLC purchased a new stake in PACCAR during the 2nd quarter valued at about $889,000. Beacon Pointe Advisors LLC acquired a new position in shares of PACCAR in the second quarter valued at about $1,386,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of PACCAR in the second quarter valued at about $96,000. Finally, Rakuten Investment Management Inc. purchased a new position in shares of PACCAR in the second quarter worth about $15,165,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PCAR. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PACCAR in a report on Tuesday, August 18th. JPMorgan Chase & Co. increased their price target on shares of PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Citigroup raised their price target on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Wells Fargo & Company lifted their price objective on shares of PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Finally, Morgan Stanley set a $119.00 price objective on shares of PACCAR in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, PACCAR has an average rating of “Hold” and a consensus target price of $131.70.

PACCAR Stock Performance

Shares of PCAR stock opened at $125.34 on Friday. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The stock has a market cap of $65.97 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 0.99 and a beta of 0.97. The business has a 50-day simple moving average of $127.35 and a 200-day simple moving average of $121.93.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The company had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same period last year, the business earned $1.37 earnings per share. PACCAR’s quarterly revenue was up .5% on a year-over-year basis. On average, equities analysts expect that PACCAR Inc. will post 5.89 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s payout ratio is currently 29.41%.

Insider Activity

In related news, VP William Lance Walters sold 1,000 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total transaction of $387,908.30. Following the sale, the vice president owned 3,831 shares in the company, valued at approximately $512,970.90. This represents a 43.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 56,842 shares of company stock valued at $7,565,677. 1.99% of the stock is currently owned by company insiders.

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.