PACCAR Inc. $PCAR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its PACCAR stake by 2.2% in the third quarter, selling 26,884 shares and retaining 1,189,921 shares worth approximately $130.7 million. Institutional investors collectively own 64.9% of the company.
• PACCAR reported quarterly revenue of $8.50 billion, surpassing estimates of $7.48 billion, while earnings per share matched expectations at $1.61. Revenue increased 20.8% year over year.
• The company declared a quarterly dividend of $0.35 per share, equivalent to an annualized $1.40 dividend and a 1.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $131.96.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,189,921 shares of the company's stock after selling 26,884 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of PACCAR worth $130,665,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in PACCAR during the 2nd quarter worth approximately $4,927,720,000. Bank of America Corp DE purchased a new position in shares of PACCAR during the 2nd quarter valued at approximately $1,130,496,000. Bank of New York Mellon Corp acquired a new stake in shares of PACCAR during the second quarter worth approximately $453,107,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of PACCAR by 9.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company's stock worth $411,329,000 after buying an additional 305,215 shares in the last quarter. Finally, Amundi grew its position in shares of PACCAR by 108.7% during the second quarter. Amundi now owns 3,197,359 shares of the company's stock worth $384,066,000 after buying an additional 1,665,545 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Trading Up 0.8%

Shares of NASDAQ PCAR opened at $102.74 on Tuesday. The company has a quick ratio of 2.90, a current ratio of 1.88 and a debt-to-equity ratio of 0.49. The stock's 50 day moving average price is $114.25 and its two-hundred day moving average price is $120.07. PACCAR Inc. has a 52-week low of $93.86 and a 52-week high of $139.24. The stock has a market capitalization of $54.09 billion, a P/E ratio of 19.57, a PEG ratio of 1.19 and a beta of 0.98.

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

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors 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 yield of 1.4%. PACCAR's dividend payout ratio (DPR) is 26.67%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PCAR. Jefferies Financial Group lifted their price target on shares of PACCAR from $120.00 to $140.00 and gave the stock a "hold" rating in a research note on Wednesday, July 29th. Citigroup reduced their price objective on shares of PACCAR from $140.00 to $115.00 and set a "neutral" rating on the stock in a research note on Monday, October 12th. Weiss Ratings reissued a "hold (c+)" rating on shares of PACCAR in a report on Tuesday, August 18th. Morgan Stanley set a $125.00 price objective on shares of PACCAR and gave the stock an "equal weight" rating in a report on Friday, September 4th. Finally, BNP Paribas Exane dropped their target price on shares of PACCAR from $136.00 to $107.00 and set a "neutral" rating for the company in a research report on Tuesday, October 6th. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $131.96.

PACCAR Company Profile

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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