Principal Financial Group Inc. Lowers Stock Holdings in PACCAR Inc. $PCAR

Principal Financial Group Inc. lessened its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,895,490 shares of the company’s stock after selling 72,798 shares during the period. Principal Financial Group Inc.’s holdings in PACCAR were worth $334,429,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PCAR. J. Safra Sarasin Holding AG lifted its holdings in shares of PACCAR by 4.0% during the first quarter. J. Safra Sarasin Holding AG now owns 636,860 shares of the company’s stock valued at $73,557,000 after purchasing an additional 24,699 shares in the last quarter. Diversify Wealth Management LLC bought a new position in PACCAR during the first quarter valued at approximately $282,000. Carnegie Investment Counsel bought a new position in PACCAR during the first quarter valued at approximately $243,000. Fifth Third Bancorp boosted its holdings in PACCAR by 337.9% in the first quarter. Fifth Third Bancorp now owns 161,129 shares of the company’s stock worth $18,610,000 after purchasing an additional 124,331 shares during the last quarter. Finally, Candriam S.C.A. boosted its holdings in PACCAR by 53.6% in the first quarter. Candriam S.C.A. now owns 58,695 shares of the company’s stock worth $6,779,000 after purchasing an additional 20,478 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Stock Performance

NASDAQ PCAR opened at $123.94 on Wednesday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $131.88. The business has a 50-day moving average price of $116.70 and a 200-day moving average price of $119.37. The firm has a market cap of $65.23 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. During the same period last year, the firm posted $1.46 earnings per share. PACCAR’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities research analysts predict that PACCAR Inc. will post 5.58 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s dividend payout ratio is presently 29.79%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PCAR. Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Evercore set a $139.00 price objective on PACCAR in a research report on Monday, May 11th. BNP Paribas Exane started coverage on PACCAR in a report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 target price on the stock. Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, Citigroup restated a “neutral” rating and set a $125.00 price target (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $123.82.

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.