Nomura Asset Management Co. Ltd. Increases Position in PACCAR Inc. $PCAR

Key Points

• Nomura Asset Management increased its PACCAR stake by 2.4% in the fourth quarter, adding 9,524 shares and bringing its total holding to 413,489 shares worth about $45.3 million.
• Several other institutional investors also raised their positions, and hedge funds and other institutions now own 64.9% of PACCAR’s stock.
• PACCAR reported quarterly EPS of $1.15, matching estimates, and revenue of $6.78 billion above expectations; the company also lifted its quarterly dividend to $0.35 per share from $0.33.

Nomura Asset Management Co. Ltd. raised its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 413,489 shares of the company's stock after buying an additional 9,524 shares during the period. Nomura Asset Management Co. Ltd. owned about 0.08% of PACCAR worth $45,281,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. California Public Employees Retirement System boosted its position in shares of PACCAR by 0.8% during the third quarter. California Public Employees Retirement System now owns 1,075,315 shares of the company's stock valued at $105,725,000 after buying an additional 9,045 shares during the period. Merit Financial Group LLC boosted its position in shares of PACCAR by 165.8% during the fourth quarter. Merit Financial Group LLC now owns 24,319 shares of the company's stock valued at $2,663,000 after buying an additional 15,169 shares during the period. Nordea Investment Management AB boosted its position in shares of PACCAR by 12.6% during the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company's stock valued at $13,487,000 after buying an additional 13,668 shares during the period. National Pension Service boosted its position in shares of PACCAR by 5.5% during the third quarter. National Pension Service now owns 939,146 shares of the company's stock valued at $92,337,000 after buying an additional 48,711 shares during the period. Finally, AE Wealth Management LLC raised its stake in shares of PACCAR by 29.1% during the third quarter. AE Wealth Management LLC now owns 39,594 shares of the company's stock valued at $3,893,000 after acquiring an additional 8,932 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley set a $109.00 price target on shares of PACCAR and gave the company an "equal weight" rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. decreased their price target on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Citigroup reaffirmed a "neutral" rating and set a $125.00 price target (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Finally, Wells Fargo & Company set a $125.00 price target on shares of PACCAR and gave the company an "equal weight" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $122.00.

PACCAR Stock Performance

Shares of PCAR stock opened at $110.37 on Monday. The business's fifty day simple moving average is $117.34 and its 200-day simple moving average is $116.32. The company has a market cap of $58.09 billion, a PE ratio of 23.48, a PEG ratio of 1.02 and a beta of 0.98. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 12-month low of $90.05 and a 12-month high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.15. The business had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The business's quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. Analysts expect that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, May 13th. This is a boost from PACCAR's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's payout ratio is currently 29.79%.

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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