Sumitomo Mitsui Trust Group Inc. Sells 66,099 Shares of PACCAR Inc. $PCAR

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,330,051 shares of the company’s stock after selling 66,099 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of PACCAR worth $153,621,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Deseret Mutual Benefit Administrators raised its holdings in PACCAR by 9.9% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company’s stock valued at $97,000 after acquiring an additional 80 shares during the period. Gulf International Bank UK Ltd boosted its holdings in shares of PACCAR by 0.3% in the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company’s stock worth $2,869,000 after acquiring an additional 81 shares during the period. CYBER HORNET ETFs LLC boosted its holdings in shares of 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 acquiring an additional 87 shares during the period. Parkside Financial Bank & Trust grew its position in shares of PACCAR by 3.1% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company’s stock valued at $317,000 after purchasing an additional 87 shares in the last quarter. Finally, Jackson Square Capital LLC grew its position in shares of PACCAR by 3.5% in the fourth quarter. Jackson Square Capital LLC now owns 2,650 shares of the company’s stock valued at $290,000 after purchasing an additional 90 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PCAR shares. BNP Paribas Exane assumed coverage on PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price objective on the stock. Truist Financial lifted their target price on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the company an “equal weight” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. lowered their price target 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. Finally, Evercore set a $139.00 price objective on shares of PACCAR in a research 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 given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $122.45.

PACCAR Trading Up 0.6%

Shares of PCAR opened at $123.28 on Friday. The firm’s 50 day simple moving average is $116.25 and its 200 day simple moving average is $119.11. The company has a market capitalization of $64.88 billion, a P/E ratio of 26.23, a P/E/G ratio of 1.14 and a beta of 0.97. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $6.78 billion during the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 EPS. Sell-side analysts forecast that PACCAR Inc. will post 5.58 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from PACCAR’s previous quarterly dividend of $0.33. PACCAR’s payout ratio is presently 29.79%.

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.