Munich Reinsurance Co Stock Corp in Munich Invests $76.44 Million in PACCAR Inc. $PCAR

Key Points

• Munich Re acquired a new stake of 777,413 PACCAR shares worth about $76.44 million, making PACCAR the firm's 9th-largest holding (about 1.9% of Munich Re's portfolio) and representing roughly 0.15% of PACCAR outstanding stock.
• PACCAR reported Q EPS of $1.06 (in line with estimates) and revenue of $6.82B (beat estimates but down 15.1% YoY), and recently paid a reduced quarterly dividend of $0.33 (annualized $1.32, ~1.1% yield).
• The stock trades around $120 with analysts' consensus at a "Hold" and an average target of $116.50, while insiders have sold about 133,105 shares (~$16.9M) in the past three months.

Munich Reinsurance Co Stock Corp in Munich acquired a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 777,413 shares of the company's stock, valued at approximately $76,435,000. PACCAR accounts for 1.9% of Munich Reinsurance Co Stock Corp in Munich's investment portfolio, making the stock its 9th biggest holding. Munich Reinsurance Co Stock Corp in Munich owned about 0.15% of PACCAR as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the business. Fidelis Capital Partners LLC boosted its holdings in shares of PACCAR by 2.9% during the 2nd quarter. Fidelis Capital Partners LLC now owns 3,759 shares of the company's stock worth $366,000 after buying an additional 105 shares in the last quarter. Foundations Investment Advisors LLC increased its stake in shares of PACCAR by 3.1% in the 3rd quarter. Foundations Investment Advisors LLC now owns 3,640 shares of the company's stock valued at $358,000 after acquiring an additional 108 shares in the last quarter. Matrix Trust Co increased its stake in shares of PACCAR by 3.9% in the 3rd quarter. Matrix Trust Co now owns 2,948 shares of the company's stock valued at $290,000 after acquiring an additional 110 shares in the last quarter. Forbes J M & Co. LLP lifted its position in shares of PACCAR by 4.3% during the 3rd quarter. Forbes J M & Co. LLP now owns 2,664 shares of the company's stock valued at $262,000 after acquiring an additional 111 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of PACCAR by 4.3% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,860 shares of the company's stock valued at $281,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Trading Down 2.4%

PCAR opened at $120.43 on Friday. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $131.88. The firm has a market capitalization of $63.33 billion, a PE ratio of 26.70, a P/E/G ratio of 1.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.98 and a quick ratio of 2.79. The company's 50-day moving average is $122.05 and its 200 day moving average is $108.53.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting analysts' consensus estimates of $1.06. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The company's revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.66 EPS. As a group, research analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. PACCAR's payout ratio is presently 29.27%.

Wall Street Analyst Weigh In

A number of research firms have commented on PCAR. Truist Financial raised their price target on shares of PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on shares of PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 14th. Sanford C. Bernstein restated an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Finally, Wells Fargo & Company set a $119.00 price target on PACCAR and gave the stock an "equal weight" rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, PACCAR presently has an average rating of "Hold" and an average target price of $116.50.

Insider Buying and Selling at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the transaction, the chief financial officer directly owned 903 shares of the company's stock, valued at $117,760.23. The trade was a 70.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin D. Baney sold 9,672 shares of the company's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the sale, the executive vice president owned 12,592 shares of the company's stock, valued at approximately $1,593,265.76. The trade was a 43.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 133,105 shares of company stock valued at $16,869,046 in the last three months. Insiders own 2.02% 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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