Munich Reinsurance Co Stock Corp in Munich Sells 251,850 Shares of PACCAR Inc. $PCAR

Key Points

• Munich Reinsurance reduced its PACCAR stake by 38.1% in the first quarter, selling 251,850 shares and ending with 409,192 shares valued at about $47.3 million.
• Analyst sentiment on PACCAR is mixed but cautious: the stock has a Hold consensus rating, with a consensus price target of $122.45.
• PACCAR reported quarterly EPS of $1.15, in line with estimates, while revenue came in at $6.78 billion and the company also raised its quarterly dividend from $0.33 to $0.35 per share.

Munich Reinsurance Co Stock Corp in Munich cut its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 38.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 409,192 shares of the company's stock after selling 251,850 shares during the period. Munich Reinsurance Co Stock Corp in Munich owned about 0.08% of PACCAR worth $47,262,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PCAR. California Public Employees Retirement System increased its position in shares of PACCAR by 0.8% during the 3rd quarter. California Public Employees Retirement System now owns 1,075,315 shares of the company's stock valued at $105,725,000 after purchasing an additional 9,045 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in PACCAR by 2.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company's stock worth $45,281,000 after buying an additional 9,524 shares during the last quarter. Nordea Investment Management AB boosted its stake in PACCAR by 12.6% during the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company's stock worth $13,487,000 after buying an additional 13,668 shares during the period. Merit Financial Group LLC boosted its stake in PACCAR by 165.8% during the fourth quarter. Merit Financial Group LLC now owns 24,319 shares of the company's stock worth $2,663,000 after buying an additional 15,169 shares during the period. Finally, Vanguard Group Inc. increased its position in PACCAR by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after acquiring an additional 363,782 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PCAR has been the topic of several recent analyst reports. Evercore set a $139.00 target price on shares of PACCAR in a research note on Monday, May 11th. JPMorgan Chase & Co. cut their price target on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Citigroup reiterated a "neutral" rating and set a $125.00 price target (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Truist Financial increased their price objective on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $122.45.

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $122.50 on Thursday. The firm's 50 day simple moving average is $116.18 and its 200-day simple moving average is $119.03. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. PACCAR Inc. has a one year low of $92.25 and a one year high of $131.88. The firm has a market cap of $64.47 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. PACCAR's quarterly revenue was down 9.8% on a year-over-year basis. As a group, equities analysts predict that PACCAR Inc. will post 5.58 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th were issued a $0.35 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. This is a positive change from PACCAR's previous quarterly dividend of $0.33. PACCAR's dividend payout ratio (DPR) is currently 29.79%.

PACCAR Company 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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