Varma Mutual Pension Insurance Co Increases Position in PACCAR Inc. $PCAR

Varma Mutual Pension Insurance Co grew its holdings in PACCAR Inc. (NASDAQ:PCAR) by 10.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,743 shares of the company’s stock after purchasing an additional 12,460 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in PACCAR were worth $13,150,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in PACCAR during the second quarter worth approximately $472,520,000. Pacer Advisors Inc. increased its stake in shares of PACCAR by 2,389.2% in the 3rd quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after acquiring an additional 1,930,056 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of PACCAR by 25.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after acquiring an additional 1,165,443 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of PACCAR during the 2nd quarter worth $83,658,000. Finally, Cullen Capital Management LLC acquired a new position in shares of PACCAR during the 2nd quarter valued at about $53,272,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the transaction, the chief financial officer owned 903 shares of the company’s stock, valued at approximately $117,760.23. This trade represents a 70.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin D. Baney sold 9,672 shares of PACCAR stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the transaction, the executive vice president owned 12,592 shares of the company’s stock, valued at $1,593,265.76. This trade represents a 43.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 133,105 shares of company stock worth $16,869,046 over the last ninety days. Company insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $124.84 on Friday. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $131.88. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.42 and a current ratio of 1.70. The company has a 50 day moving average price of $117.76 and a 200 day moving average price of $105.57. The stock has a market capitalization of $65.57 billion, a P/E ratio of 27.68, a PEG ratio of 1.09 and a beta of 1.03.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company earned $1.66 earnings per share. The firm’s quarterly revenue was down 15.1% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.1%. PACCAR’s dividend payout ratio is presently 29.27%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PCAR shares. UBS Group set a $103.00 price objective on shares of PACCAR and gave the stock a “neutral” rating in a research report on Wednesday, October 22nd. Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. Wells Fargo & Company set a $119.00 price target on shares of PACCAR and gave the company an “equal weight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. upped their price objective on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Finally, Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $116.50.

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.