Retirement Systems of Alabama Reduces Stock Position in PACCAR Inc (NASDAQ:PCAR)

Retirement Systems of Alabama cut its stake in PACCAR Inc (NASDAQ:PCAR) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 114,464 shares of the company’s stock after selling 1,157 shares during the quarter. Retirement Systems of Alabama’s holdings in PACCAR were worth $11,295,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Wellington Management Group LLP increased its holdings in shares of PACCAR by 53.3% in the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after purchasing an additional 4,669,172 shares during the period. Massachusetts Financial Services Co. MA increased its stake in PACCAR by 47.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock worth $1,006,033,000 after acquiring an additional 3,296,146 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of PACCAR by 3.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock valued at $557,572,000 after acquiring an additional 171,317 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of PACCAR by 1.8% in the 3rd quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock valued at $511,254,000 after acquiring an additional 89,245 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of PACCAR by 5.9% during the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock valued at $445,681,000 after acquiring an additional 242,435 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PCAR shares. BNP Paribas raised shares of PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Jefferies Financial Group cut shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price objective on the stock. in a research report on Friday, December 6th. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. Citigroup increased their target price on PACCAR from $120.00 to $125.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. dropped their price target on PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $118.25.

Insider Activity

In other news, SVP Kevin D. Baney sold 9,894 shares of PACCAR stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the sale, the senior vice president now directly owns 7,121 shares in the company, valued at approximately $761,947. This trade represents a 58.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. Insiders own 2.02% of the company’s stock.

PACCAR Trading Down 0.6 %

Shares of PCAR stock opened at $112.33 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The business has a 50-day moving average of $111.14 and a 200 day moving average of $103.92. The stock has a market capitalization of $58.89 billion, a PE ratio of 12.55, a P/E/G ratio of 1.77 and a beta of 0.91. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. During the same quarter in the prior year, the firm posted $2.34 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be given a $3.00 dividend. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend is Friday, December 20th. PACCAR’s payout ratio is presently 13.41%.

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.