Argent Trust Co Has $457,000 Stake in PACCAR Inc (NASDAQ:PCAR)

Argent Trust Co decreased its position in shares of PACCAR Inc (NASDAQ:PCAR) by 5.7% during the 2nd quarter, Holdings Channel reports. The fund owned 4,440 shares of the company’s stock after selling 269 shares during the quarter. Argent Trust Co’s holdings in PACCAR were worth $457,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PCAR. State Board of Administration of Florida Retirement System boosted its position in shares of PACCAR by 4.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock worth $75,689,000 after purchasing an additional 27,963 shares in the last quarter. BDF Gestion bought a new stake in shares of PACCAR in the second quarter worth about $2,862,000. California State Teachers Retirement System raised its position in shares of PACCAR by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 823,651 shares of the company’s stock worth $80,430,000 after purchasing an additional 9,978 shares during the period. Advisory Services Network LLC raised its position in shares of PACCAR by 15.9% during the first quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after purchasing an additional 7,678 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of PACCAR by 18.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock valued at $82,590,000 after purchasing an additional 105,109 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PCAR. Raymond James began coverage on shares of PACCAR in a report on Friday, June 28th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Citigroup reduced their target price on shares of PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Evercore ISI dropped their price target on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Truist Financial reduced their price objective on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research report on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $112.73.

PACCAR Price Performance

NASDAQ:PCAR opened at $99.52 on Friday. PACCAR Inc has a 52-week low of $80.94 and a 52-week high of $125.50. The company has a market cap of $52.17 billion, a P/E ratio of 10.32, a P/E/G ratio of 1.47 and a beta of 0.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The stock’s 50-day simple moving average is $97.04 and its 200 day simple moving average is $106.30.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing the consensus estimate 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 firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm earned $2.33 EPS. As a group, sell-side analysts forecast that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently declared 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. This represents a $1.20 annualized dividend and a yield of 1.21%. The ex-dividend date is Wednesday, November 13th. PACCAR’s dividend payout ratio (DPR) is currently 12.45%.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of PACCAR 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 completion of the transaction, the chief executive officer now owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.02% of the company’s stock.

PACCAR Company 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.