Mitsubishi UFJ Asset Management Co. Ltd. Takes $159.21 Million Position in PACCAR Inc. $PCAR

Key Points

• Mitsubishi UFJ Asset Management acquired 1.33 million PACCAR shares worth approximately $159.2 million, giving it a 0.25% stake. Institutional investors collectively own 64.9% of the company.
• PACCAR exceeded quarterly expectations, reporting $1.43 in EPS versus the $1.36 consensus and $7.55 billion in revenue versus $7.05 billion expected. Revenue increased 0.5% year over year.
• Analysts maintain a generally cautious outlook, with three Buy ratings and eleven Holds; the average price target is $131.70 compared with the stock’s $130.84 opening price. PACCAR also declared a $0.35 quarterly dividend, yielding about 1.1% annually.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in PACCAR Inc. (NASDAQ:PCAR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,325,442 shares of the company's stock, valued at approximately $159,212,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.25% of PACCAR as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCAR. Norges Bank bought a new stake in shares of PACCAR in the 4th quarter worth $727,745,000. Bank of New York Mellon Corp purchased a new stake in shares of PACCAR during the second quarter valued at $453,107,000. Wellington Management Group LLP boosted its position in shares of PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock valued at $2,516,272,000 after buying an additional 3,597,283 shares during the last quarter. UBS Group AG increased its holdings in PACCAR by 74.4% in the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company's stock worth $498,146,000 after buying an additional 1,940,260 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in PACCAR by 129.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company's stock worth $249,237,000 after buying an additional 1,286,056 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PCAR shares. Citigroup upped their target price on shares of PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Truist Financial lifted their price target on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Thursday, July 2nd. Weiss Ratings cut shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Sanford C. Bernstein restated an "outperform" rating and set a $148.00 price objective on shares of PACCAR in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $131.70.

PACCAR Stock Up 0.0%

PACCAR stock opened at $130.84 on Tuesday. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The stock has a fifty day moving average of $125.57 and a 200 day moving average of $121.73. 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 stock has a market cap of $68.87 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 1.04 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. The business had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The business's revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm posted $1.37 earnings per share. As a group, sell-side analysts predict that PACCAR Inc. will post 5.85 EPS for the current year.

PACCAR Announces Dividend

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

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 50,975 shares of PACCAR stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the transaction, the chief executive officer owned 268,625 shares in the company, valued at $35,745,928.75. This trade represents a 15.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the business'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 directly owned 3,831 shares of the company's stock, valued at approximately $512,970.90. The trade was a 43.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 in the last ninety days. Corporate insiders own 1.99% of the company's stock.

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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