6,201 Shares in PACCAR Inc. $PCAR Purchased by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. purchased a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) in the 2nd quarter, Holdings Channel reports. The fund purchased 6,201 shares of the company’s stock, valued at approximately $745,000.

Several other institutional investors have also recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. grew its holdings in PACCAR by 2.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock worth $45,281,000 after purchasing an additional 9,524 shares during the period. Geode Capital Management LLC lifted its position in shares of PACCAR by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock valued at $1,350,867,000 after buying an additional 50,622 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after acquiring an additional 363,782 shares during the period. Swiss Life Asset Management Ltd boosted its stake in shares of PACCAR by 118.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock worth $69,943,000 after acquiring an additional 345,937 shares during the period. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of PACCAR during the 1st quarter worth approximately $9,273,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PCAR shares. Evercore set a $139.00 price target on PACCAR in a report on Monday, May 11th. Wells Fargo & Company upped their price objective on shares of PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Truist Financial increased their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Citigroup raised their target price on shares of PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 target price on shares of PACCAR in a report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus price target of $131.70.

PACCAR Stock Up 1.6%

PCAR opened at $131.03 on Friday. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $139.24. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The company has a market capitalization of $68.97 billion, a P/E ratio of 27.53, a P/E/G ratio of 1.03 and a beta of 0.97. The stock has a fifty day moving average of $126.48 and a 200-day moving average of $121.90.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The company had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the business posted $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 Announces Dividend

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

Insider Buying and Selling at PACCAR

In other PACCAR news, VP William Lance Walters sold 1,000 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the transaction, the vice president directly owned 3,831 shares in the company, valued at $512,970.90. This represents a 43.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is currently owned by company insiders.

PACCAR 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.