KLP Kapitalforvaltning AS Reduces Stake in PACCAR Inc. $PCAR

Key Points

• KLP Kapitalforvaltning AS reduced its position by 17.3% in PACCAR (NASDAQ:PCAR) during Q4, selling 56,700 shares and now holds 271,236 shares worth about $30.08 million (≈0.05% of the company).
• Major institutional buyers expanded positions, including Pacer Advisors (+2,389% to 2.01M shares), American Century (+235.9% to 2.54M), Capital Research (+20.3% to 5.97M) and Capital World (+11,269.8% to 807,712), with institutional ownership around 64.9%.
• Insiders have been net sellers: CEO R. Preston Feight and EVP Kevin D. Baney recently sold shares, and insiders disposed of 133,105 shares worth $16.87 million over the last 90 days, leaving insiders with 1.99% ownership.

KLP Kapitalforvaltning AS reduced its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 17.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 271,236 shares of the company's stock after selling 56,700 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.05% of PACCAR worth $30,081,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PCAR. Pacer Advisors Inc. boosted its stake in shares of PACCAR by 2,389.2% in the 3rd quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company's stock worth $197,705,000 after buying an additional 1,930,056 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of PACCAR by 235.9% in the 3rd quarter. American Century Companies Inc. now owns 2,540,688 shares of the company's stock worth $249,801,000 after buying an additional 1,784,236 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of PACCAR by 20.3% in the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company's stock worth $587,084,000 after buying an additional 1,009,134 shares during the last quarter. Capital World Investors boosted its stake in shares of PACCAR by 11,269.8% in the 3rd quarter. Capital World Investors now owns 807,712 shares of the company's stock worth $79,414,000 after buying an additional 800,608 shares during the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of PACCAR in the 3rd quarter worth $76,435,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 9,258 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total value of $1,200,762.60. Following the transaction, the chief executive officer directly owned 258,566 shares in the company, valued at $33,536,010.20. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin D. Baney sold 9,672 shares of the business's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total value of $1,223,798.16. Following the completion of the transaction, the executive vice president owned 12,592 shares in the company, valued at $1,593,265.76. The trade was a 43.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 133,105 shares of company stock valued at $16,869,046. Insiders own 1.99% of the company's stock.

PACCAR Price Performance

Shares of PACCAR stock opened at $125.27 on Thursday. The stock's 50-day simple moving average is $121.27 and its 200-day simple moving average is $113.21. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $131.88. The company has a market capitalization of $65.92 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 1.05 and a beta of 1.06. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, meeting the consensus estimate of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The business had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the business earned $1.66 earnings per share. The business's revenue was down 15.1% on a year-over-year basis. As a group, analysts expect that PACCAR Inc. will post 5.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley set a $109.00 price target on PACCAR and gave the stock an "equal weight" rating in a research note on Tuesday, February 3rd. Wells Fargo & Company set a $119.00 target price on PACCAR and gave the stock an "equal weight" rating in a report on Friday, January 23rd. Truist Financial raised their target price on PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. raised their target price on PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Finally, Citigroup raised their target price on PACCAR from $125.00 to $130.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $117.42.

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.

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