Norges Bank acquired a new stake in PACCAR Inc (NASDAQ:PCAR) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,842,976 shares of the company’s stock, valued at approximately $333,867,000. Norges Bank owned approximately 1.67% of PACCAR at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in PCAR. Actinver Wealth Management Inc. bought a new stake in shares of PACCAR in the 4th quarter worth approximately $227,000. Financial Advocates Investment Management raised its holdings in PACCAR by 469.7% during the 4th quarter. Financial Advocates Investment Management now owns 39,431 shares of the company’s stock valued at $2,960,000 after buying an additional 32,510 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in PACCAR by 54.2% during the 4th quarter. Teacher Retirement System of Texas now owns 104,764 shares of the company’s stock valued at $5,986,000 after buying an additional 36,813 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in PACCAR by 30.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 17,927 shares of the company’s stock valued at $1,024,000 after buying an additional 4,135 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in PACCAR during the 4th quarter valued at $395,000. 62.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on PCAR shares. BidaskClub upgraded shares of PACCAR from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 25th. Zacks Investment Research reiterated a “buy” rating and set a $61.00 price target on shares of PACCAR in a report on Monday, December 31st. Mizuho reissued a “hold” rating on shares of PACCAR in a research report on Monday, December 31st. Vertical Research downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a research report on Monday, January 7th. Finally, ValuEngine downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a research report on Thursday, January 10th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $67.73.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, January 29th. The company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.57 by $0.08. The firm had revenue of $5.93 billion for the quarter, compared to analyst estimates of $5.71 billion. PACCAR had a return on equity of 25.01% and a net margin of 9.34%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. Analysts forecast that PACCAR Inc will post 6.43 earnings per share for the current year.
In other news, CEO Ronald E. Armstrong sold 15,784 shares of PACCAR stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $66.00, for a total value of $1,041,744.00. Following the completion of the sale, the chief executive officer now owns 222,499 shares of the company’s stock, valued at $14,684,934. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Darrin C. Siver sold 8,088 shares of PACCAR stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $68.81, for a total value of $556,535.28. Following the completion of the sale, the senior vice president now directly owns 24,335 shares of the company’s stock, valued at approximately $1,674,491.35. The disclosure for this sale can be found here. Insiders have sold 61,989 shares of company stock valued at $4,160,345 in the last three months. 2.32% of the stock is currently owned by company insiders.
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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