PACCAR Inc. $PCAR Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments purchased 381,720 PACCAR shares worth approximately $41.9 million, while institutional investors collectively own 64.9% of the company.
• PACCAR reported quarterly earnings of $1.61 per share, in line with estimates, while revenue reached $8.50 billion and rose 20.8% year over year.
• The company declared a quarterly dividend of $0.35 per share, representing a $1.40 annualized payout and a 1.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $132.96.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 381,720 shares of the company's stock, valued at approximately $41,917,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.07% of PACCAR at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Ancora Advisors LLC bought a new stake in PACCAR during the second quarter worth $16,286,000. Danica Pension Livsforsikringsaktieselskab purchased a new stake in PACCAR in the 1st quarter valued at $9,273,000. Saudi Central Bank lifted its stake in PACCAR by 90.0% during the 2nd quarter. Saudi Central Bank now owns 36,838 shares of the company's stock valued at $4,425,000 after acquiring an additional 17,452 shares in the last quarter. National Pension Service lifted its stake in PACCAR by 4.1% during the 2nd quarter. National Pension Service now owns 1,400,624 shares of the company's stock valued at $168,243,000 after acquiring an additional 55,330 shares in the last quarter. Finally, Nykredit A S bought a new position in PACCAR during the 2nd quarter valued at $17,672,000. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Stock Performance

NASDAQ PCAR opened at $101.91 on Monday. PACCAR Inc. has a 52-week low of $93.86 and a 52-week high of $139.24. The company has a 50-day simple moving average of $114.82 and a 200 day simple moving average of $120.15. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.98 and a current ratio of 3.22. The company has a market capitalization of $53.66 billion, a PE ratio of 19.41, a price-to-earnings-growth ratio of 1.31 and a beta of 0.96.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 EPS for the quarter, hitting the consensus estimate of $1.61. The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $7.48 billion. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The company's revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share. On average, research analysts predict that PACCAR Inc. will post 5.84 EPS for the current year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, November 10th. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. PACCAR's dividend payout ratio (DPR) is presently 26.67%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Morgan Stanley set a $125.00 target price on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Friday, September 4th. Truist Financial dropped their target price on shares of PACCAR from $125.00 to $124.00 and set a "hold" rating on the stock in a research report on Wednesday, October 28th. BNP Paribas Exane cut their target price on PACCAR from $136.00 to $107.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 6th. Citigroup reduced their target price on PACCAR from $140.00 to $115.00 and set a "neutral" rating for the company in a report on Monday, October 12th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $148.00 target price (up from $142.00) on shares of PACCAR in a report on Wednesday, July 29th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $132.96.

About PACCAR

PACCAR Inc NASDAQ: PCAR is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company's operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.

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