ING Groep NV Reduces Position in PACCAR Inc. $PCAR

ING Groep NV trimmed its position in PACCAR Inc. (NASDAQ:PCAR) by 91.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,766 shares of the company’s stock after selling 41,726 shares during the quarter. ING Groep NV’s holdings in PACCAR were worth $412,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PCAR. Vanguard Group Inc. raised its stake in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after buying an additional 363,782 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of PACCAR by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock valued at $1,350,867,000 after acquiring an additional 50,622 shares during the last quarter. Norges Bank purchased a new position in shares of PACCAR in the 4th quarter valued at about $727,745,000. Capital Research Global Investors raised its position in shares of PACCAR by 0.8% during the 4th quarter. Capital Research Global Investors now owns 6,016,243 shares of the company’s stock worth $658,839,000 after acquiring an additional 45,090 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of PACCAR by 3.5% during the 3rd quarter. Invesco Ltd. now owns 5,396,888 shares of the company’s stock worth $530,622,000 after acquiring an additional 184,502 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Price Performance

PCAR stock opened at $113.99 on Thursday. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $59.99 billion, a P/E ratio of 24.25, a PEG ratio of 1.11 and a beta of 0.98. The business has a 50 day simple moving average of $117.59 and a 200-day simple moving average of $117.37. PACCAR Inc. has a twelve month low of $90.05 and a twelve month 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, meeting the consensus estimate of $1.15. The firm had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. PACCAR’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, equities analysts anticipate that PACCAR Inc. will post 5.59 EPS for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This is a positive change from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. PACCAR’s dividend payout ratio is currently 29.79%.

Wall Street Analysts Forecast Growth

PCAR has been the subject of a number of research analyst reports. BNP Paribas Exane initiated coverage on PACCAR in a report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price target for the company. Sanford C. Bernstein restated an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. JPMorgan Chase & Co. cut their price target on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Truist Financial boosted their price target on shares of PACCAR from $120.00 to $126.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Finally, Citigroup restated a “neutral” rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $122.00.

PACCAR 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.