447,398 Shares in PACCAR Inc. $PCAR Acquired by Korea Investment CORP

Key Points

• Korea Investment Corp. acquired 447,398 PACCAR shares worth approximately $53.7 million, joining other institutional investors that collectively own 64.9% of the company.
• Analysts maintain a generally cautious outlook: PACCAR has an average rating of “Hold” and an average price target of $131.70, despite recent targets ranging from $119 to $157.
• PACCAR exceeded quarterly expectations with adjusted EPS of $1.43 and revenue of $7.55 billion, while declaring a $0.35 quarterly dividend, equivalent to a 1.1% yield.

Korea Investment CORP bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 447,398 shares of the company's stock, valued at approximately $53,741,000. Korea Investment CORP owned about 0.08% of PACCAR at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCAR. BlackRock Inc. bought a new position in shares of PACCAR during the second quarter valued at $4,927,720,000. Norges Bank bought a new stake in shares of PACCAR in the fourth quarter worth $727,745,000. Bank of New York Mellon Corp bought a new stake in shares of PACCAR in the second quarter worth $453,107,000. Wellington Management Group LLP grew its stake in shares of PACCAR by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in PACCAR in the second quarter valued at $239,460,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PCAR shares. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $148.00 target price on shares of PACCAR in a research report on Wednesday, July 29th. Wells Fargo & Company upped their price target on PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research report on Thursday, July 30th. Citigroup increased their price target on PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Morgan Stanley set a $119.00 price objective on PACCAR in a research report on Wednesday, July 29th. Finally, Evercore set a $139.00 price objective on PACCAR in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, PACCAR presently has an average rating of "Hold" and an average target price of $131.70.

Insiders Place Their Bets

In related news, CFO Brice J. Poplawski sold 1,970 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the completion of the sale, the chief financial officer owned 1,391 shares of the company's stock, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.50, for a total value of $133,500.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 56,842 shares of company stock valued at $7,565,677. Insiders own 1.99% of the company's stock.

PACCAR Trading Up 1.6%

PCAR opened at $131.03 on Friday. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $139.24. The company has a fifty day moving average of $126.48 and a 200-day moving average of $121.90. The stock has a market cap of $68.97 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 1.03 and a beta of 0.97. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.37 earnings per share. On average, sell-side analysts predict that PACCAR Inc. will post 5.89 EPS for the current year.

PACCAR Dividend Announcement

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

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.

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