Sumitomo Mitsui DS Asset Management Company Ltd Trims Holdings in PACCAR Inc. $PCAR

Key Points

• Sumitomo Mitsui DS Asset Management cut its PACCAR stake by 15.3% in Q4, selling 13,289 shares and leaving 73,356 shares worth about $8.03 million.
• PACCAR CFO Brice J. Poplawski sold 2,200 shares at roughly $130.41 on Feb. 12, reducing his holding by 70.9% to 903 shares; company insiders now own about 1.99% of the stock.
• PACCAR raised its quarterly dividend to $0.35 (annualized $1.40, ~1.2% yield) and reported Q results with EPS of $1.15 (in line) and revenue of $6.78B (beat $6.44B) despite a 9.8% YoY revenue decline; analysts' consensus rating is Hold with a $119.73 target.

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 15.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 73,356 shares of the company's stock after selling 13,289 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in PACCAR were worth $8,033,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PCAR. California Public Employees Retirement System raised its holdings in shares of PACCAR by 0.8% in the 3rd quarter. California Public Employees Retirement System now owns 1,075,315 shares of the company's stock valued at $105,725,000 after buying an additional 9,045 shares during the period. National Pension Service boosted its holdings in PACCAR by 5.5% during the 3rd quarter. National Pension Service now owns 939,146 shares of the company's stock valued at $92,337,000 after acquiring an additional 48,711 shares during the period. Merit Financial Group LLC grew its position in PACCAR by 165.8% in the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company's stock valued at $2,663,000 after acquiring an additional 15,169 shares in the last quarter. AE Wealth Management LLC grew its position in PACCAR by 29.1% in the 3rd quarter. AE Wealth Management LLC now owns 39,594 shares of the company's stock valued at $3,893,000 after acquiring an additional 8,932 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in PACCAR by 12.6% during the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company's stock worth $13,487,000 after purchasing an additional 13,668 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the sale, the chief financial officer directly owned 903 shares in the company, valued at $117,760.23. This trade represents a 70.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.99% of the stock is owned by company insiders.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $114.05 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. PACCAR Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $131.88. The firm has a market capitalization of $60.02 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.08 and a beta of 1.02. The stock's 50-day simple moving average is $120.18 and its 200-day simple moving average is $114.92.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. During the same period in the prior year, the company posted $1.46 earnings per share. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that PACCAR Inc. will post 5.6 EPS for the current fiscal year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, May 13th. This is a positive change from PACCAR's previous quarterly dividend of $0.33. PACCAR's dividend payout ratio (DPR) is currently 28.09%.

Wall Street Analysts Forecast Growth

PCAR has been the subject of several recent research reports. Weiss Ratings raised shares of PACCAR from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Sanford C. Bernstein reissued an "outperform" rating on shares of PACCAR in a research report on Tuesday, February 24th. Truist Financial boosted their price target on shares of PACCAR from $120.00 to $126.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Finally, Citigroup reaffirmed a "neutral" rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, PACCAR presently has an average rating of "Hold" and a consensus price target of $119.73.

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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