State of Michigan Retirement System Has $16.34 Million Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

State of Michigan Retirement System grew its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 158,766 shares of the company’s stock after purchasing an additional 800 shares during the quarter. State of Michigan Retirement System’s holdings in PACCAR were worth $16,343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. PSI Advisors LLC acquired a new position in PACCAR during the first quarter worth $25,000. YHB Investment Advisors Inc. acquired a new position in shares of PACCAR during the 1st quarter worth about $27,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR in the 1st quarter valued at about $27,000. Riverview Trust Co acquired a new stake in PACCAR in the 1st quarter valued at about $29,000. Finally, Rise Advisors LLC bought a new position in PACCAR during the first quarter worth about $31,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PCAR. JPMorgan Chase & Co. dropped their price objective on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft dropped their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Raymond James started coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating for the company. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI reduced their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $112.73.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the transaction, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.02% of the stock is currently owned by company insiders.

PACCAR Stock Down 0.6 %

Shares of PCAR opened at $95.87 on Tuesday. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. PACCAR Inc has a 12 month low of $80.94 and a 12 month high of $125.50. The firm’s 50 day moving average is $100.07 and its 200-day moving average is $107.99. The stock has a market capitalization of $50.25 billion, a PE ratio of 9.95, a P/E/G ratio of 1.47 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The company had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.33 EPS. Equities research analysts forecast that PACCAR Inc will post 8.08 EPS for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Thursday, August 15th. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

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.