Nordea Investment Management AB Sells 1,486,303 Shares of PACCAR Inc (NASDAQ:PCAR)

Nordea Investment Management AB trimmed its stake in PACCAR Inc (NASDAQ:PCAR) by 94.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,788 shares of the company’s stock after selling 1,486,303 shares during the period. Nordea Investment Management AB’s holdings in PACCAR were worth $8,398,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Everence Capital Management Inc. bought a new position in PACCAR in the fourth quarter worth about $1,984,000. GAMMA Investing LLC raised its stake in shares of PACCAR by 15.0% during the 4th quarter. GAMMA Investing LLC now owns 8,127 shares of the company’s stock worth $845,000 after acquiring an additional 1,058 shares in the last quarter. Versant Capital Management Inc lifted its position in PACCAR by 19.3% during the fourth quarter. Versant Capital Management Inc now owns 1,325 shares of the company’s stock valued at $138,000 after acquiring an additional 214 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in PACCAR by 49.6% in the third quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after purchasing an additional 1,164,692 shares during the last quarter. Finally, Synovus Financial Corp grew its holdings in PACCAR by 16.6% in the third quarter. Synovus Financial Corp now owns 8,899 shares of the company’s stock worth $878,000 after purchasing an additional 1,267 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at PACCAR

In related news, VP Todd R. Hubbard sold 3,230 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now owns 3,061 shares in the company, valued at $328,353.47. This represents a 51.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,315 shares of company stock valued at $6,358,552. Company insiders own 2.02% of the company’s stock.

PACCAR Trading Down 1.0 %

Shares of NASDAQ:PCAR opened at $108.50 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. PACCAR Inc has a 12-month low of $90.04 and a 12-month high of $125.50. The business has a 50 day moving average of $111.20 and a two-hundred day moving average of $103.83. The company has a market capitalization of $56.89 billion, a PE ratio of 12.12, a PEG ratio of 1.77 and a beta of 0.93.

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

PACCAR Increases Dividend

The firm also recently declared a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were issued a $3.00 dividend. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR’s dividend payout ratio is presently 14.75%.

Wall Street Analyst Weigh In

Several analysts have recently commented on PCAR shares. Jefferies Financial Group cut PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price objective for the company. in a research report on Friday, December 6th. Morgan Stanley lowered their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Citigroup upped their price objective on shares of PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a report on Monday, December 9th. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Truist Financial upped their price target on shares of PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $118.50.

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.