Dai ichi Life Insurance Company Ltd Sells 72,259 Shares of PACCAR Inc (NASDAQ:PCAR)

Dai ichi Life Insurance Company Ltd cut its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 50.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 71,120 shares of the company’s stock after selling 72,259 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in PACCAR were worth $7,018,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in PACCAR by 47.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock worth $1,006,033,000 after purchasing an additional 3,296,146 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of PACCAR by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock valued at $557,572,000 after buying an additional 171,317 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of PACCAR by 1.8% during the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock valued at $511,254,000 after buying an additional 89,245 shares during the last quarter. Legal & General Group Plc raised its position in shares of PACCAR by 5.9% during the second quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock valued at $445,681,000 after buying an additional 242,435 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of PACCAR by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after buying an additional 178,813 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PCAR has been the topic of several recent analyst reports. Morgan Stanley reduced their price objective on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Finally, Citigroup boosted their price target on shares of PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 20th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, PACCAR presently has a consensus rating of “Hold” and a consensus target price of $117.64.

PACCAR Stock Down 0.6 %

NASDAQ PCAR opened at $115.82 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $106.55 and a two-hundred day moving average of $103.09. The firm has a market capitalization of $60.72 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.83 and a beta of 0.89. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. PACCAR’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.34 earnings per share. On average, analysts predict that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio is currently 13.41%.

Insider Activity

In related news, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the completion of the sale, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at $761,947. This represents a 58.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now directly owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is currently owned by company insiders.

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.