PACCAR Inc. $PCAR Shares Purchased by Capital World Investors

Key Points

• Capital World Investors boosted its PACCAR stake by 11,269.8% in Q3, buying an additional 800,608 shares to hold 807,712 shares (about 0.15% of the company) valued at roughly $79.4 million.
• Other large moves include a new ~ $472.5 million position from Norges Bank and sizable increases from Pacer Advisors, American Century, JPMorgan and Munich Re, leaving institutional ownership at about 64.90%.
• Analysts’ consensus is a “Hold” with a $116.50 price target; PACCAR reported Q earnings of $1.06 per share (in line) and revenue of $6.82 billion (beat estimates) but revenue was down 15.1% year‑over‑year.

Capital World Investors grew its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11,269.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 807,712 shares of the company's stock after purchasing an additional 800,608 shares during the period. Capital World Investors owned approximately 0.15% of PACCAR worth $79,414,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in PACCAR during the second quarter worth about $472,520,000. Pacer Advisors Inc. raised its stake in shares of PACCAR by 2,389.2% in the 3rd quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company's stock valued at $197,705,000 after acquiring an additional 1,930,056 shares during the period. American Century Companies Inc. raised its stake in shares of PACCAR by 235.9% in the 3rd quarter. American Century Companies Inc. now owns 2,540,688 shares of the company's stock valued at $249,801,000 after acquiring an additional 1,784,236 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company's stock worth $551,211,000 after acquiring an additional 1,165,443 shares during the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich purchased a new position in shares of PACCAR during the 3rd quarter worth approximately $76,435,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCAR has been the subject of a number of research reports. Sanford C. Bernstein reaffirmed 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 note on Saturday, January 31st. Truist Financial raised their target price on PACCAR from $108.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, January 28th. Wells Fargo & Company set a $119.00 target price on PACCAR and gave the company an "equal weight" rating in a research report on Friday, January 23rd. Finally, Citigroup boosted their price target on shares of PACCAR from $120.00 to $125.00 and gave the stock a "neutral" rating in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $116.50.

Insider Buying and Selling

In related news, VP Paulo Henrique Bolgar sold 12,183 shares of the business's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $122.43, for a total value of $1,491,564.69. Following the transaction, the vice president owned 6,274 shares in the company, valued at $768,125.82. The trade was a 66.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 2,200 shares of the business's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the transaction, the chief financial officer directly owned 903 shares in the company, valued at approximately $117,760.23. The trade was a 70.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 133,105 shares of company stock valued at $16,869,046 in the last quarter. Corporate insiders own 2.02% of the company's stock.

PACCAR Trading Down 1.1%

NASDAQ:PCAR opened at $116.82 on Friday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $131.88. The stock has a market cap of $61.43 billion, a P/E ratio of 25.90, a P/E/G ratio of 0.99 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98. The stock has a 50-day simple moving average of $122.71 and a 200-day simple moving average of $109.08.

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

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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