Daiwa Securities Group Inc. Boosts Stock Position in PACCAR Inc (NASDAQ:PCAR)

Daiwa Securities Group Inc. boosted its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 11.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,145 shares of the company's stock after purchasing an additional 10,570 shares during the quarter. Daiwa Securities Group Inc.'s holdings in PACCAR were worth $9,784,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. BDF Gestion acquired a new stake in PACCAR in the second quarter valued at approximately $2,862,000. Mengis Capital Management Inc. boosted its position in shares of PACCAR by 2.9% during the third quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company's stock valued at $18,863,000 after buying an additional 5,433 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of PACCAR during the first quarter valued at approximately $1,359,000. Comerica Bank boosted its position in shares of PACCAR by 8.7% during the first quarter. Comerica Bank now owns 162,864 shares of the company's stock valued at $20,177,000 after buying an additional 13,075 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of PACCAR by 28.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company's stock valued at $2,552,000 after buying an additional 5,437 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Insider Activity at PACCAR

In other PACCAR news, 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 value of $346,482.10. Following the transaction, the vice president now directly owns 3,061 shares in the company, valued at $328,353.47. This represents a 51.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of the company's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now owns 171,776 shares in the company, valued at $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is owned by company insiders.

PACCAR Stock Performance

Shares of PCAR traded down $0.72 during mid-day trading on Tuesday, hitting $115.82. The stock had a trading volume of 2,131,255 shares, compared to its average volume of 2,616,302. The firm has a market cap of $60.72 billion, a P/E ratio of 13.02, a PEG ratio of 1.80 and a beta of 0.89. The business has a fifty day moving average price of $106.19 and a 200-day moving average price of $103.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50.

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

PACCAR Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Truist Financial lifted their target price on PACCAR from $103.00 to $107.00 and gave the company a "hold" rating in a research report on Wednesday, October 23rd. Royal Bank of Canada reissued a "sector perform" rating and issued a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Evercore ISI raised PACCAR from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. Citigroup boosted their price objective on PACCAR from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 20th. Finally, BNP Paribas raised PACCAR to a "hold" rating in a research report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $117.64.

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.