Public Sector Pension Investment Board Buys 8,517 Shares of PACCAR Inc (NASDAQ:PCAR)

Public Sector Pension Investment Board grew its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 73.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 20,150 shares of the company’s stock after buying an additional 8,517 shares during the period. Public Sector Pension Investment Board’s holdings in PACCAR were worth $2,074,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. YHB Investment Advisors Inc. acquired a new position in PACCAR in the 1st quarter valued at approximately $27,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR during the first quarter valued at approximately $27,000. Riverview Trust Co bought a new stake in shares of PACCAR during the first quarter valued at approximately $29,000. Meeder Asset Management Inc. raised its stake in shares of PACCAR by 269.7% in the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after purchasing an additional 205 shares in the last quarter. Finally, Rise Advisors LLC acquired a new stake in PACCAR during the first quarter worth $31,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

PCAR has been the topic of several analyst reports. Citigroup lowered their price target on shares of PACCAR from $106.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Truist Financial decreased their price objective on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft dropped their target price on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Finally, Raymond James assumed coverage on PACCAR in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus target price of $112.73.

PACCAR Price Performance

PCAR opened at $98.13 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The stock has a market capitalization of $51.43 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 1.53 and a beta of 0.91. The company’s 50 day simple moving average is $95.99 and its 200-day simple moving average is $105.51. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The firm had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. During the same quarter in the previous year, the business posted $2.33 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.22%. PACCAR’s payout ratio is presently 12.45%.

Insider Activity

In related news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at $16,066,583.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.02% of the company’s stock.

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.