Munich Reinsurance Co Stock Corp in Munich Sells 251,850 Shares of PACCAR Inc. $PCAR

Munich Reinsurance Co Stock Corp in Munich lessened its holdings in PACCAR Inc. (NASDAQ:PCAR) by 38.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 409,192 shares of the company’s stock after selling 251,850 shares during the period. Munich Reinsurance Co Stock Corp in Munich’s holdings in PACCAR were worth $47,262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PCAR. Norges Bank purchased a new position in shares of PACCAR in the 4th quarter worth approximately $727,745,000. Wellington Management Group LLP lifted its position in PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after acquiring an additional 3,597,283 shares during the last quarter. UBS Group AG lifted its position in PACCAR by 74.4% during the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after acquiring an additional 1,940,260 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in PACCAR by 129.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company’s stock valued at $249,237,000 after acquiring an additional 1,286,056 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in PACCAR by 17,292.6% in the fourth quarter. Focus Partners Wealth now owns 1,202,700 shares of the company’s stock valued at $131,725,000 after acquiring an additional 1,195,785 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

PACCAR Trading Down 1.6%

NASDAQ PCAR opened at $122.50 on Thursday. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $131.88. The company has a fifty day simple moving average of $116.18 and a two-hundred day simple moving average of $119.03. 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 stock has a market cap of $64.47 billion, a P/E ratio of 26.06, a P/E/G ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the previous year, the company earned $1.46 earnings per share. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, analysts forecast that PACCAR Inc. will post 5.58 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Wednesday, May 13th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. This is an increase from PACCAR’s previous quarterly dividend of $0.33. PACCAR’s payout ratio is presently 29.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BNP Paribas Exane started coverage on PACCAR in a research report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target 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. Citigroup restated a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. JPMorgan Chase & Co. reduced their target price on PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Finally, Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $122.45.

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.