Sumitomo Life Insurance Co. Has $624,000 Stock Holdings in PACCAR Inc. $PCAR

Sumitomo Life Insurance Co. cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 55.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,562 shares of the company’s stock after selling 8,100 shares during the period. Sumitomo Life Insurance Co.’s holdings in PACCAR were worth $624,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PCAR. Hazlett Burt & Watson Inc. boosted its position in PACCAR by 53.8% during the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Bayforest Capital Ltd boosted its position in PACCAR by 234.2% during the first quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock valued at $38,000 after purchasing an additional 274 shares during the last quarter. Accent Capital Management LLC acquired a new position in PACCAR during the first quarter valued at approximately $40,000. Hantz Financial Services Inc. boosted its position in PACCAR by 43.8% during the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock valued at $42,000 after purchasing an additional 134 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA acquired a new position in PACCAR during the second quarter valued at approximately $43,000. 64.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Evercore ISI set a $114.00 price objective on PACCAR and gave the company an “outperform” rating in a research note on Tuesday, August 19th. UBS Group set a $103.00 price objective on PACCAR and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Truist Financial upped their price objective on PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Raymond James Financial restated a “market perform” rating on shares of PACCAR in a research note on Tuesday, October 21st. Finally, Jefferies Financial Group restated a “hold” rating and issued a $90.00 price objective on shares of PACCAR in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $106.59.

Insider Buying and Selling at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the sale, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.02% of the company’s stock.

PACCAR Trading Down 1.0%

Shares of NASDAQ:PCAR opened at $97.46 on Tuesday. The company has a market capitalization of $51.18 billion, a P/E ratio of 19.07, a P/E/G ratio of 4.11 and a beta of 0.94. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.82 and a quick ratio of 1.51. The business’s 50 day simple moving average is $98.47 and its 200 day simple moving average is $96.23.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The business had revenue of $6.67 billion during the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The company’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.85 EPS. On average, research analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR’s dividend payout ratio (DPR) is currently 25.83%.

PACCAR Profile

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.