Swiss Life Asset Management Ltd Cuts Stake in PACCAR Inc. $PCAR

Swiss Life Asset Management Ltd cut its holdings in PACCAR Inc. (NASDAQ:PCAR) by 3.2% in the third quarter, Holdings Channel reports. The fund owned 292,751 shares of the company’s stock after selling 9,578 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in PACCAR were worth $28,783,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in PACCAR during the 2nd quarter valued at about $472,520,000. Pacer Advisors Inc. lifted its position in shares of PACCAR by 2,389.2% in the 3rd quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after purchasing an additional 1,930,056 shares during the period. American Century Companies Inc. lifted its position in shares of PACCAR by 235.9% in the 3rd quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock worth $249,801,000 after purchasing an additional 1,784,236 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of PACCAR by 25.2% during the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after purchasing an additional 1,165,443 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of PACCAR by 20.3% during the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock valued at $587,084,000 after purchasing an additional 1,009,134 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Insider Transactions at PACCAR

In related news, CEO R Preston Feight sold 9,258 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total transaction of $1,200,762.60. Following the transaction, the chief executive officer directly owned 258,566 shares in the company, valued at $33,536,010.20. The trade was a 3.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brice J. Poplawski sold 2,200 shares of the company’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the transaction, the chief financial officer directly owned 903 shares in the company, valued at $117,760.23. This represents a 70.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 133,105 shares of company stock worth $16,869,046. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Trading Down 0.6%

NASDAQ:PCAR opened at $114.69 on Thursday. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $131.88. The firm has a 50 day moving average of $122.80 and a 200 day moving average of $109.55. The company has a quick ratio of 2.79, a current ratio of 2.98 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $60.31 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 0.97 and a beta of 1.03.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.06. The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.06 billion. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.66 earnings per share. As a group, sell-side analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PCAR has been the subject of a number of recent research reports. Wells Fargo & Company set a $119.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a research note on Friday, January 23rd. Morgan Stanley set a $109.00 target price on PACCAR and gave the company an “equal weight” rating in a research report on Tuesday, February 3rd. Zacks Research upgraded PACCAR from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Truist Financial raised their price objective on PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One investment 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 stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $116.18.

About PACCAR

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.