PACCAR Inc (NASDAQ:PCAR) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lowered its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 50.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 71,120 shares of the company’s stock after selling 72,259 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in PACCAR were worth $7,018,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PCAR. Quarry LP acquired a new position in shares of PACCAR during the second quarter valued at about $26,000. New Covenant Trust Company N.A. purchased a new stake in PACCAR in the first quarter valued at approximately $27,000. Meeder Asset Management Inc. boosted its position in PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after buying an additional 205 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in PACCAR in the second quarter valued at approximately $36,000. Finally, Fortitude Family Office LLC boosted its position in PACCAR by 200.0% in the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after buying an additional 244 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Transactions at PACCAR

In other news, SVP Kevin D. Baney sold 9,894 shares of PACCAR stock in a transaction on Monday, October 28th. The stock was sold at an average price of $107.00, for a total transaction of $1,058,658.00. Following the transaction, the senior vice president now owns 7,121 shares in the company, valued at $761,947. The trade was a 58.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock worth $6,358,552 in the last quarter. Company insiders own 2.02% of the company’s stock.

PACCAR Trading Down 0.6 %

Shares of PCAR opened at $115.82 on Wednesday. PACCAR Inc has a 52-week low of $90.04 and a 52-week high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The firm’s fifty day moving average is $106.55 and its two-hundred day moving average is $103.09. The stock has a market cap of $60.72 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter in the previous year, the company posted $2.34 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. Research analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.04%. PACCAR’s dividend payout ratio is presently 13.41%.

Analysts Set New Price Targets

Several research firms have commented on PCAR. Royal Bank of Canada restated a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Morgan Stanley lowered their price objective on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Citigroup increased their target price on PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, November 20th. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Finally, Truist Financial increased their target price on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $117.64.

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.