PACCAR Inc (NASDAQ:PCAR) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in PACCAR Inc (NASDAQ:PCAR) by 0.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 157,966 shares of the company’s stock after purchasing an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in PACCAR were worth $19,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AdvisorNet Financial Inc grew its holdings in shares of PACCAR by 188.5% during the 4th quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. Riverview Trust Co purchased a new position in PACCAR in the first quarter valued at about $29,000. Rise Advisors LLC acquired a new position in PACCAR in the 1st quarter worth about $31,000. Bruce G. Allen Investments LLC purchased a new stake in shares of PACCAR during the 4th quarter worth about $37,000. Finally, ORG Partners LLC lifted its holdings in shares of PACCAR by 6,200.0% during the 4th quarter. ORG Partners LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 372 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

PACCAR Price Performance

Shares of PACCAR stock opened at $100.91 on Wednesday. The firm has a market cap of $52.89 billion, a P/E ratio of 10.47, a price-to-earnings-growth ratio of 1.23 and a beta of 0.92. The firm’s 50-day simple moving average is $107.39 and its 200-day simple moving average is $107.81. PACCAR Inc has a twelve month low of $80.91 and a twelve month high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.49 and a current ratio of 2.73.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.07. PACCAR had a return on equity of 31.71% and a net margin of 14.30%. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same period in the previous year, the business earned $2.25 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, research analysts expect that PACCAR Inc will post 8.34 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 15th were paid a $0.30 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.19%. This is a positive change from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s payout ratio is currently 12.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PCAR shares. Royal Bank of Canada started coverage on PACCAR in a report on Tuesday, March 26th. They issued a “sector perform” rating and a $123.00 price objective on the stock. Citigroup started coverage on shares of PACCAR in a report on Wednesday, June 26th. They set a “neutral” rating and a $115.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of PACCAR from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. UBS Group upgraded PACCAR from a “neutral” rating to a “buy” rating and raised their target price for the company from $104.00 to $136.00 in a report on Friday, March 15th. Finally, Truist Financial decreased their price target on PACCAR from $121.00 to $115.00 and set a “hold” rating for the company in a research note on Tuesday. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, PACCAR has an average rating of “Hold” and a consensus price target of $113.92.

Insider Transactions at PACCAR

In other news, VP Michael K. Walton sold 9,123 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $105.11, for a total transaction of $958,918.53. Following the transaction, the vice president now directly owns 1,468 shares in the company, valued at $154,301.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Michael K. Walton sold 9,123 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $105.11, for a total value of $958,918.53. Following the transaction, the vice president now owns 1,468 shares of the company’s stock, valued at approximately $154,301.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO R Preston Feight sold 33,850 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total value of $3,594,193.00. Following the completion of the transaction, the chief executive officer now directly owns 154,430 shares in the company, valued at approximately $16,397,377.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,040 shares of company stock worth $4,779,241. Insiders own 2.02% of the company’s stock.

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.