PACCAR Inc (NASDAQ:PCAR) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lowered its position in PACCAR Inc (NASDAQ:PCAR) by 7.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 375,831 shares of the company’s stock after selling 29,389 shares during the period. Canada Pension Plan Investment Board owned about 0.07% of PACCAR worth $38,688,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System increased its stake 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 purchased a new stake in shares of PACCAR during the second quarter worth about $2,862,000. California State Teachers Retirement System increased its stake 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 in the last quarter. Advisory Services Network LLC increased its stake 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 in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of PACCAR by 18.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock worth $82,590,000 after purchasing an additional 105,109 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Truist Financial cut their target price on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Evercore ISI dropped their price objective on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Citigroup dropped their price objective 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. Raymond James started coverage on shares of PACCAR in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $112.73.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the 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 sale, the chief executive officer now directly owns 162,782 shares in the company, valued at approximately $16,066,583.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.02% of the stock is owned by company insiders.

PACCAR Stock Performance

PACCAR stock opened at $98.91 on Friday. The firm has a 50 day simple moving average of $96.95 and a 200-day simple moving average of $106.15. PACCAR Inc has a 1-year low of $80.94 and a 1-year high of $125.50. 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 cap of $51.85 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 1.48 and a beta of 0.91.

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

PACCAR Announces Dividend

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 issued 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 1.21%. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

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.