Norges Bank Takes Position in PACCAR Inc. $PCAR

Norges Bank bought a new position in PACCAR Inc. (NASDAQ:PCAR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,645,465 shares of the company’s stock, valued at approximately $727,745,000. Norges Bank owned 1.27% of PACCAR at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. CYBER HORNET ETFs LLC increased its position in PACCAR by 6.2% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company’s stock worth $163,000 after buying an additional 87 shares during the period. Jackson Square Capital LLC boosted its stake in PACCAR by 3.5% during the fourth quarter. Jackson Square Capital LLC now owns 2,650 shares of the company’s stock valued at $290,000 after buying an additional 90 shares in the last quarter. Lakeside Advisors INC. boosted its stake in PACCAR by 0.3% during the fourth quarter. Lakeside Advisors INC. now owns 34,053 shares of the company’s stock valued at $3,729,000 after buying an additional 92 shares in the last quarter. D.B. Root & Company LLC lifted its holdings in shares of PACCAR by 3.8% during the fourth quarter. D.B. Root & Company LLC now owns 2,720 shares of the company’s stock valued at $298,000 after purchasing an additional 100 shares during the last quarter. Finally, First Pacific Financial lifted its holdings in shares of PACCAR by 11.1% during the fourth quarter. First Pacific Financial now owns 1,058 shares of the company’s stock valued at $116,000 after purchasing an additional 106 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Price Performance

Shares of PCAR stock opened at $110.37 on Monday. The stock has a 50 day moving average of $117.34 and a two-hundred day moving average of $116.32. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 12 month low of $90.05 and a 12 month high of $131.88. The company has a market capitalization of $58.09 billion, a P/E ratio of 23.48, a P/E/G ratio of 1.02 and a beta of 0.98.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The business had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.PACCAR’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the company earned $1.46 EPS. As a group, equities analysts expect that PACCAR Inc. will post 5.59 EPS for the current year.

PACCAR Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be given a dividend of $0.35 per share. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. PACCAR’s dividend payout ratio is 29.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. Morgan Stanley set a $109.00 price target on PACCAR and gave the stock an “equal weight” rating in a research note on Tuesday, February 3rd. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Citigroup reissued a “neutral” rating and set a $125.00 price objective (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Finally, Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.