KLP Kapitalforvaltning AS Buys Shares of 308,336 PACCAR Inc (NASDAQ:PCAR)

KLP Kapitalforvaltning AS purchased a new stake in PACCAR Inc (NASDAQ:PCAR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 308,336 shares of the company's stock, valued at approximately $32,859,000. KLP Kapitalforvaltning AS owned approximately 0.06% of PACCAR at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PCAR. Everence Capital Management Inc. acquired a new stake in shares of PACCAR in the 4th quarter worth $1,984,000. Cullen Frost Bankers Inc. increased its position in PACCAR by 8.2% during the fourth quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company's stock worth $8,916,000 after purchasing an additional 6,494 shares during the last quarter. Sanctuary Advisors LLC raised its stake in PACCAR by 24.3% during the third quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company's stock worth $2,962,000 after purchasing an additional 5,871 shares during the period. Insight Wealth Strategies LLC boosted its holdings in PACCAR by 21.6% in the 4th quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company's stock valued at $4,061,000 after purchasing an additional 6,936 shares during the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of PACCAR by 1.8% in the 3rd 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 period. Institutional investors and hedge funds own 64.90% of the company's stock.

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PACCAR Stock Performance

PCAR traded down $1.34 on Thursday, reaching $98.19. The company had a trading volume of 2,250,816 shares, compared to its average volume of 2,529,934. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $125.50. The stock has a market capitalization of $51.54 billion, a PE ratio of 12.41, a P/E/G ratio of 2.77 and a beta of 0.91. The stock has a 50-day moving average price of $105.68 and a 200-day moving average price of $106.60.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. As a group, research analysts forecast that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Wednesday, February 12th were issued a $0.33 dividend. This is an increase from PACCAR's previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Wednesday, February 12th. PACCAR's dividend payout ratio is presently 16.69%.

Insider Activity

In related news, VP Michael K. Walton sold 6,000 shares of PACCAR stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the transaction, the vice president now directly owns 951 shares in the company, valued at $100,929.63. This trade represents a 86.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Harrie Schippers sold 28,676 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following the completion of the sale, the chief financial officer now owns 114,659 shares of the company's stock, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock valued at $18,261,908 in the last ninety days. 2.02% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PCAR has been the topic of several analyst reports. Melius raised shares of PACCAR from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. Bank of America upgraded PACCAR from a "neutral" rating to a "buy" rating and increased their price target for the stock from $116.00 to $121.50 in a report on Tuesday, January 14th. UBS Group lowered shares of PACCAR from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $124.00 to $108.00 in a report on Tuesday, March 18th. Melius Research set a $120.00 target price on shares of PACCAR in a research note on Tuesday, March 18th. Finally, Truist Financial boosted their price target on shares of PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a research note on Wednesday, January 29th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $118.38.

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.