Lansforsakringar Fondforvaltning AB publ Decreases Holdings in PACCAR Inc. $PCAR

Lansforsakringar Fondforvaltning AB publ trimmed its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 3.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 164,004 shares of the company’s stock after selling 5,842 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in PACCAR were worth $18,942,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Horizon Bancorp Inc. IN bought a new position in PACCAR during the first quarter valued at about $175,000. Adams Diversified Equity Fund Inc. bought a new stake in PACCAR in the first quarter worth about $20,097,000. Sterling Capital Management LLC raised its position in PACCAR by 945.3% in the first quarter. Sterling Capital Management LLC now owns 10,160 shares of the company’s stock worth $1,173,000 after acquiring an additional 9,188 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in PACCAR by 3.7% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,052 shares of the company’s stock valued at $353,000 after acquiring an additional 110 shares during the last quarter. Finally, GHP Investment Advisors Inc. boosted its stake in PACCAR by 0.9% in the first quarter. GHP Investment Advisors Inc. now owns 70,525 shares of the company’s stock valued at $8,146,000 after acquiring an additional 658 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Performance

NASDAQ PCAR opened at $120.12 on Wednesday. The firm has a market cap of $63.22 billion, a P/E ratio of 25.56, a price-to-earnings-growth ratio of 1.11 and a beta of 0.98. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $116.74 and its 200-day moving average is $118.60. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $131.88.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data 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 company had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the previous year, the company posted $1.46 EPS. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. Sell-side analysts predict that PACCAR Inc. will post 5.59 earnings per share for the current year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, May 13th. This is a boost from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a yield of 1.2%. PACCAR’s dividend payout ratio (DPR) is presently 29.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Evercore set a $139.00 price target on shares of PACCAR in a research note on Monday, May 11th. BNP Paribas Exane initiated coverage on PACCAR in a research note on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price objective on the stock. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Truist Financial raised their target price on PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings lowered PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average target price of $122.00.

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.