Resona Asset Management Co. Ltd. Makes New Investment in PACCAR Inc (NASDAQ:PCAR)

Resona Asset Management Co. Ltd. bought a new stake in PACCAR Inc (NASDAQ:PCAR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 153,294 shares of the company’s stock, valued at approximately $15,958,000.

Other hedge funds also recently made changes to their positions in the company. Everence Capital Management Inc. acquired a new position in shares of PACCAR in the 4th quarter worth approximately $1,984,000. Cullen Frost Bankers Inc. raised its holdings in PACCAR by 8.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company’s stock worth $8,916,000 after purchasing an additional 6,494 shares during the period. Sanctuary Advisors LLC lifted its holdings in PACCAR by 24.3% during the third quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company’s stock worth $2,962,000 after acquiring an additional 5,871 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of PACCAR by 6.1% during the 4th quarter. LPL Financial LLC now owns 212,405 shares of the company’s stock valued at $22,094,000 after purchasing an additional 12,143 shares in the last quarter. Finally, Insight Wealth Strategies LLC boosted its holdings in shares of PACCAR by 21.6% in the fourth quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company’s stock valued at $4,061,000 after buying an additional 6,936 shares during the period. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Activity

In related news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the sale, the vice president now owns 5,463 shares of the company’s stock, valued at approximately $612,129.15. This represents a 26.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Darrin C. Siver sold 103,671 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the completion of the sale, the executive vice president now directly owns 61,005 shares in the company, valued at approximately $6,805,717.80. The trade was a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,547 shares of company stock valued at $18,261,908 over the last quarter. Company insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

NASDAQ PCAR opened at $90.88 on Friday. The company has a fifty day moving average price of $103.74 and a 200-day moving average price of $106.63. The firm has a market cap of $47.71 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 2.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. PACCAR Inc has a 1 year low of $89.67 and a 1 year high of $123.20.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. As a group, equities research analysts predict that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, February 12th. This is an increase from PACCAR’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.45%. PACCAR’s dividend payout ratio is 16.69%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PCAR shares. Melius raised PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Evercore ISI lowered their price objective on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Truist Financial raised their target price on shares of PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating and upped their price objective for the company from $116.00 to $121.50 in a research note on Tuesday, January 14th. Finally, Melius Research set a $120.00 target price on PACCAR in a report on Tuesday, March 18th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $117.54.

PACCAR Profile

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.