PACCAR Inc. $PCAR Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in PACCAR Inc. (NASDAQ:PCAR) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 381,720 shares of the company’s stock, valued at approximately $41,917,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Ancora Advisors LLC purchased a new stake in shares of PACCAR in the second quarter worth about $16,286,000. Danica Pension Livsforsikringsaktieselskab purchased a new stake in shares of PACCAR in the 1st quarter valued at about $9,273,000. Saudi Central Bank raised its holdings in shares of PACCAR by 90.0% in the 2nd quarter. Saudi Central Bank now owns 36,838 shares of the company’s stock valued at $4,425,000 after acquiring an additional 17,452 shares in the last quarter. National Pension Service raised its holdings in shares of PACCAR by 4.1% in the 2nd quarter. National Pension Service now owns 1,400,624 shares of the company’s stock valued at $168,243,000 after acquiring an additional 55,330 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of PACCAR during the 2nd quarter valued at about $17,672,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCAR. Wells Fargo & Company set a $122.00 price objective on PACCAR and gave the stock an “equal weight” rating in a report on Thursday, October 8th. Citigroup dropped their target price on shares of PACCAR from $140.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. BNP Paribas Exane cut their price target on shares of PACCAR from $136.00 to $107.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. Truist Financial cut their price target on shares of PACCAR from $125.00 to $124.00 and set a “hold” rating for the company in a research note on Wednesday, October 28th. Finally, Royal Bank Of Canada raised shares of PACCAR from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $130.00 to $150.00 in a report on Thursday, September 10th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $132.96.

PACCAR Stock Performance

NASDAQ PCAR opened at $101.91 on Monday. The company has a quick ratio of 2.98, a current ratio of 3.22 and a debt-to-equity ratio of 0.50. The stock’s 50-day simple moving average is $114.82 and its two-hundred day simple moving average is $120.15. PACCAR Inc. has a twelve month low of $93.86 and a twelve month high of $139.24. The company has a market capitalization of $53.66 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 1.31 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.61. The firm had revenue of $8.50 billion during the quarter, compared to analysts’ expectations of $7.48 billion. PACCAR had a return on equity of 13.76% and a net margin of 9.50%. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.12 EPS. Research analysts forecast that PACCAR Inc. will post 5.84 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 11th will be given a $0.35 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.4%. PACCAR’s payout ratio is presently 26.67%.

About PACCAR

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.