SEB Asset Management AB Invests $18.33 Million in PACCAR Inc. $PCAR

SEB Asset Management AB purchased a new stake in shares of PACCAR Inc. (NASDAQ:PCAR) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 158,663 shares of the company’s stock, valued at approximately $18,326,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PCAR. Swiss National Bank lifted its stake in shares of PACCAR by 7.1% in the first quarter. Swiss National Bank now owns 1,541,325 shares of the company’s stock worth $178,023,000 after buying an additional 102,400 shares in the last quarter. AIA Group Ltd increased its position in shares of PACCAR by 17.0% during the first quarter. AIA Group Ltd now owns 108,600 shares of the company’s stock valued at $12,543,000 after acquiring an additional 15,800 shares in the last quarter. Arjuna Capital raised its holdings in PACCAR by 1.5% in the 1st quarter. Arjuna Capital now owns 17,096 shares of the company’s stock worth $1,975,000 after acquiring an additional 250 shares during the last quarter. Kinsale Capital Group Inc. raised its holdings in PACCAR by 6.0% in the 1st quarter. Kinsale Capital Group Inc. now owns 93,821 shares of the company’s stock worth $10,836,000 after acquiring an additional 5,275 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in PACCAR by 19.8% in the 1st quarter. Bessemer Group Inc. now owns 18,337 shares of the company’s stock valued at $2,119,000 after acquiring an additional 3,031 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Trading Down 1.5%

Shares of PCAR opened at $124.33 on Tuesday. The company’s fifty day simple moving average is $117.55 and its 200-day simple moving average is $119.75. The company has a market cap of $65.43 billion, a P/E ratio of 26.45, a P/E/G ratio of 1.16 and a beta of 0.97. The company has a current ratio of 3.11, a quick ratio of 2.91 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.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting 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 for the quarter, compared to analysts’ expectations of $6.44 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, analysts expect that PACCAR Inc. will post 5.65 EPS for the current year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s payout ratio is 29.79%.

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of PACCAR from $109.00 to $113.00 and gave the company an “equal weight” rating in a report on Friday. Truist Financial increased their price objective on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Evercore set a $139.00 target price on shares of PACCAR in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $140.00 to $155.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $124.18.

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.