PACCAR Inc. $PCAR Shares Bought by Swedbank AB

Key Points

• Swedbank AB increased its stake in PACCAR Inc. by 7.4%, now holding 356,885 shares valued at approximately $34.75 million.
• Several other institutional investors, including MEAG MUNICH ERGO and Cambridge Investment Research Advisors, have also significantly increased their holdings in PACCAR during the first quarter.
• PACCAR reported $1.37 earnings per share for the most recent quarter, surpassing analysts' expectations, despite a 15.7% decline in year-over-year revenue.

Swedbank AB grew its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 7.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 356,885 shares of the company's stock after purchasing an additional 24,663 shares during the quarter. Swedbank AB owned 0.07% of PACCAR worth $34,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FORA Capital LLC acquired a new position in shares of PACCAR during the first quarter worth about $597,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in shares of PACCAR by 15.1% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 794,946 shares of the company's stock worth $77,404,000 after purchasing an additional 104,281 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of PACCAR by 62.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock worth $3,533,000 after purchasing an additional 13,904 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of PACCAR by 51.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock worth $1,262,000 after purchasing an additional 4,429 shares in the last quarter. Finally, Moran Wealth Management LLC lifted its stake in shares of PACCAR by 28.8% in the first quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock worth $22,898,000 after acquiring an additional 52,525 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on PCAR shares. Citigroup boosted their price target on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Truist Financial cut their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Evercore ISI set a $114.00 price target on PACCAR and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Finally, UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.68.

Insider Activity

In other news, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the completion of the transaction, the chief financial officer directly owned 468 shares of the company's stock, valued at approximately $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by insiders.

PACCAR Stock Up 0.7%

Shares of PACCAR stock opened at $102.51 on Friday. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm has a market cap of $53.83 billion, a P/E ratio of 17.55, a P/E/G ratio of 4.09 and a beta of 0.94. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The business has a 50-day moving average price of $98.48 and a 200 day moving average price of $96.09.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. The firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.PACCAR's quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.13 earnings per share. On average, sell-side analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR's payout ratio is currently 22.60%.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.

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