SEB Asset Management AB Acquires New Holdings in PACCAR Inc. $PCAR

Key Points

• SEB Asset Management AB opened a new position in PACCAR during the first quarter, buying 158,663 shares worth about $18.3 million.
• PACCAR continues to draw heavy institutional interest, with fund ownership reported at 64.9% of the stock; several large firms, including Vanguard and Wellington, also increased their stakes.
• The company reported quarterly EPS of $1.15, matching expectations and topping revenue estimates with $6.78 billion in sales, while also declaring a $0.35 quarterly dividend payable September 2.

SEB Asset Management AB purchased a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 158,663 shares of the company's stock, valued at approximately $18,326,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after purchasing an additional 363,782 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares in the last quarter. State Street Corp increased its holdings in PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company's stock worth $2,494,269,000 after buying an additional 94,869 shares during the last quarter. Geode Capital Management LLC increased its holdings in PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after buying an additional 50,622 shares during the last quarter. Finally, Norges Bank bought a new stake in PACCAR during the fourth quarter worth $727,745,000. 64.90% of the stock is currently owned by institutional investors.

PACCAR Price Performance

PCAR opened at $124.33 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The company has a market capitalization of $65.43 billion, a price-to-earnings ratio of 26.45, a P/E/G ratio of 1.16 and a beta of 0.97. The firm's fifty day moving average price is $117.55 and its two-hundred day moving average price is $119.75. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company's revenue for the quarter was down 9.8% on a year-over-year basis. As a group, analysts anticipate that PACCAR Inc. will post 5.65 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR's payout ratio is currently 29.79%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PCAR shares. JPMorgan Chase & Co. boosted their target price on PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Morgan Stanley increased their price objective on PACCAR from $109.00 to $113.00 and gave the stock an "equal weight" rating in a research report on Friday. Weiss Ratings downgraded PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Evercore set a $139.00 target price on shares of PACCAR in a research report on Monday, May 11th. Finally, Truist Financial lifted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $124.18.

PACCAR Company 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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