Sumitomo Mitsui DS Asset Management Company Ltd Sells 2,605 Shares of PACCAR Inc. $PCAR

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in PACCAR Inc. by 3.5%, selling 2,605 shares, and now holds a total of 72,837 shares valued at approximately $6.92 million.
• PACCAR reported a quarterly earnings per share (EPS) of $1.37, surpassing analysts' expectations, although its revenue of $6.96 billion fell short of estimates.
• The company plans to pay a quarterly dividend of $0.33 per share on December 3rd, with a yield of 1.3%.

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,837 shares of the company's stock after selling 2,605 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in PACCAR were worth $6,924,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Farmers & Merchants Investments Inc. increased its holdings in PACCAR by 33.1% in the first quarter. Farmers & Merchants Investments Inc. now owns 466 shares of the company's stock valued at $45,000 after purchasing an additional 116 shares during the period. RMR Wealth Builders increased its holdings in PACCAR by 1.4% in the first quarter. RMR Wealth Builders now owns 8,713 shares of the company's stock valued at $848,000 after purchasing an additional 122 shares during the period. Applied Capital LLC FL increased its holdings in PACCAR by 0.5% in the first quarter. Applied Capital LLC FL now owns 25,210 shares of the company's stock valued at $2,455,000 after purchasing an additional 124 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in PACCAR by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 45,087 shares of the company's stock worth $4,390,000 after acquiring an additional 130 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC grew its holdings in PACCAR by 5.9% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,341 shares of the company's stock worth $228,000 after acquiring an additional 130 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCAR has been the subject of a number of recent analyst reports. Truist Financial decreased their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Citigroup increased their price target on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Finally, Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the stock an "outperform" rating in a research report on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, PACCAR presently has a consensus rating of "Moderate Buy" and an average target price of $107.68.

Insider Activity

In related news, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer owned 468 shares of the company's stock, valued at $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO R Preston Feight sold 39,965 shares of the firm'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 transaction of $3,977,316.80. Following the sale, 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 position. The disclosure for this sale can be found here. 2.02% of the stock is owned by insiders.

PACCAR Trading Up 1.1%

Shares of PCAR stock traded up $1.10 during mid-day trading on Tuesday, reaching $98.17. The stock had a trading volume of 230,197 shares, compared to its average volume of 2,844,116. The stock's 50-day moving average price is $98.83 and its two-hundred day moving average price is $95.82. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81. The firm has a market capitalization of $51.55 billion, a PE ratio of 16.81, a price-to-earnings-growth ratio of 3.99 and a beta of 0.94. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57.

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

PACCAR Announces Dividend

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

About PACCAR

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.