Northwestern Mutual Wealth Management Co. Decreases Stock Holdings in PACCAR Inc. $PCAR

Northwestern Mutual Wealth Management Co. lessened its holdings in PACCAR Inc. (NASDAQ:PCAR) by 14.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,322 shares of the company’s stock after selling 7,546 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in PACCAR were worth $5,444,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of PACCAR in the 2nd quarter valued at about $4,927,720,000. Bank of America Corp DE purchased a new stake in PACCAR during the second quarter worth approximately $1,130,496,000. Norges Bank acquired a new position in PACCAR in the fourth quarter valued at approximately $727,745,000. Bank of New York Mellon Corp acquired a new position in PACCAR in the second quarter valued at approximately $453,107,000. Finally, Wellington Management Group LLP increased its stake in PACCAR by 18.6% in 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 purchasing an additional 3,597,283 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO R Feight sold 50,975 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the sale, the chief executive officer directly owned 268,625 shares of the company’s stock, valued at $35,745,928.75. This trade represents a 15.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP William Lance Walters sold 1,000 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total transaction of $133,500.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 56,842 shares of company stock worth $7,565,677 over the last three months. 1.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PCAR has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Truist Financial upped their target price on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Weiss Ratings reissued a “hold (c+)” rating on shares of PACCAR in a report on Tuesday, August 18th. Finally, Wells Fargo & Company increased their price objective on PACCAR from $125.00 to $157.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $131.70.

PACCAR Price Performance

Shares of PCAR opened at $124.51 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $139.24. The firm has a 50-day simple moving average of $127.70 and a 200-day simple moving average of $121.78. The company has a market capitalization of $65.54 billion, a price-to-earnings ratio of 26.16, a price-to-earnings-growth ratio of 1.40 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter in the previous year, the firm posted $1.37 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities research analysts anticipate that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s payout ratio is presently 29.41%.

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.