Principal Financial Group Inc. Sells 106,156 Shares of PACCAR Inc (NASDAQ:PCAR)

Principal Financial Group Inc. lessened its stake in PACCAR Inc (NASDAQ:PCAR - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,300,553 shares of the company's stock after selling 106,156 shares during the quarter. Principal Financial Group Inc. owned about 0.63% of PACCAR worth $322,299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCAR. Raymond James & Associates raised its position in PACCAR by 29.1% during the 3rd quarter. Raymond James & Associates now owns 79,615 shares of the company's stock worth $6,769,000 after purchasing an additional 17,953 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of PACCAR by 3.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 314,294 shares of the company's stock valued at $26,721,000 after acquiring an additional 11,772 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in PACCAR by 0.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,488,492 shares of the company's stock worth $126,552,000 after acquiring an additional 8,422 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of PACCAR by 4.9% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 65,736 shares of the company's stock valued at $5,589,000 after purchasing an additional 3,059 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in PACCAR by 7.3% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 11,134 shares of the company's stock worth $947,000 after purchasing an additional 760 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PCAR shares. Truist Financial reissued a "hold" rating and issued a $121.00 target price (up previously from $117.00) on shares of PACCAR in a research note on Thursday, May 2nd. Bank of America raised shares of PACCAR from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $84.00 to $97.00 in a report on Friday, January 19th. TD Cowen upped their price target on shares of PACCAR from $91.00 to $108.00 and gave the company a "market perform" rating in a research report on Wednesday, January 24th. Royal Bank of Canada assumed coverage on shares of PACCAR in a research note on Tuesday, March 26th. They set a "sector perform" rating and a $123.00 target price on the stock. Finally, UBS Group raised PACCAR from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $104.00 to $136.00 in a report on Friday, March 15th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $112.62.

Insider Activity

In other PACCAR news, VP Michael K. Walton sold 9,123 shares of PACCAR stock in a transaction on Monday, May 6th. The shares were sold at an average price of $105.11, for a total value of $958,918.53. Following the transaction, the vice president now directly owns 1,468 shares in the company, valued at $154,301.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Michael K. Walton sold 9,123 shares of the business's stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $105.11, for a total transaction of $958,918.53. Following the transaction, the vice president now directly owns 1,468 shares in the company, valued at $154,301.48. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brice J. Poplawski sold 2,067 shares of PACCAR stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $109.40, for a total value of $226,129.80. The disclosure for this sale can be found here. Insiders have sold 79,837 shares of company stock valued at $8,470,647 in the last ninety days. 2.02% of the stock is currently owned by company insiders.

PACCAR Stock Up 0.2 %

PACCAR stock traded up $0.26 during trading on Friday, reaching $109.18. The stock had a trading volume of 1,810,853 shares, compared to its average volume of 3,023,947. PACCAR Inc has a 52-week low of $68.40 and a 52-week high of $125.50. The company has a quick ratio of 2.49, a current ratio of 2.73 and a debt-to-equity ratio of 0.54. The stock has a market cap of $57.23 billion, a PE ratio of 11.33, a P/E/G ratio of 1.70 and a beta of 0.96. The business has a 50 day moving average price of $115.98 and a 200 day moving average price of $103.51.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $2.27 EPS for the quarter, topping the consensus estimate of $2.20 by $0.07. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm had revenue of $8.24 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period last year, the business earned $2.25 EPS. PACCAR's revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts predict that PACCAR Inc will post 8.24 EPS for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, May 14th. This is a positive change from PACCAR's previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.10%. PACCAR's dividend payout ratio (DPR) is 11.20%.

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.