Sumitomo Life Insurance Co. Grows Stake in PACCAR Inc (NASDAQ:PCAR)

Sumitomo Life Insurance Co. increased its holdings in PACCAR Inc (NASDAQ:PCAR) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,200 shares of the company’s stock after buying an additional 427 shares during the period. Sumitomo Life Insurance Co.’s holdings in PACCAR were worth $1,500,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PCAR. Sunpointe LLC purchased a new position in shares of PACCAR during the 3rd quarter worth approximately $491,000. QV Investors Inc. increased its position in PACCAR by 0.6% during the third quarter. QV Investors Inc. now owns 46,425 shares of the company’s stock worth $4,581,000 after buying an additional 270 shares in the last quarter. von Borstel & Associates Inc. acquired a new stake in shares of PACCAR during the third quarter valued at $618,000. Creative Planning increased its position in PACCAR by 2.6% during the 3rd quarter. Creative Planning now owns 74,672 shares of the company’s stock worth $7,369,000 after purchasing an additional 1,920 shares in the last quarter. Finally, CX Institutional raised its stake in PACCAR by 3.5% in the 3rd quarter. CX Institutional now owns 11,244 shares of the company’s stock valued at $1,110,000 after purchasing an additional 382 shares during the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on PCAR shares. Citigroup raised their price objective on PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Raymond James began coverage on shares of PACCAR in a research note on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. raised their target price on shares of PACCAR from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Evercore ISI decreased their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, Truist Financial dropped their price target on shares of PACCAR from $107.00 to $103.00 and set a “hold” rating on the stock in a research note on Wednesday, October 9th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $114.00.

PACCAR Stock Performance

PACCAR stock opened at $107.03 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. PACCAR Inc has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a fifty day moving average price of $97.56 and a two-hundred day moving average price of $103.92. The company has a market cap of $56.10 billion, a PE ratio of 11.10, a P/E/G ratio of 1.61 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.01). PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. During the same period last year, the firm posted $2.33 EPS. The business’s revenue was down 2.1% compared to the same quarter last year. Research analysts expect that PACCAR Inc will post 8.08 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.12%. PACCAR’s dividend payout ratio is presently 12.45%.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the transaction, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.02% of the company’s stock.

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.