Maryland State Retirement & Pension System Has $2.34 Million Position in PACCAR Inc. (NASDAQ:PCAR)

Key Points

• The Maryland State Retirement & Pension System has reduced its stake in PACCAR Inc. by 12.5%, holding 24,046 shares valued at $2.34 million as of its latest SEC filing.
• PACCAR's recent quarterly earnings report showed an EPS of $1.37, exceeding analysts' expectations, despite a 15.7% year-over-year decline in revenue.
• Analysts have mixed ratings on PACCAR, with an average price target of $107.77, while the stock recently opened at $97.34.

Maryland State Retirement & Pension System trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,046 shares of the company's stock after selling 3,420 shares during the quarter. Maryland State Retirement & Pension System's holdings in PACCAR were worth $2,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of PACCAR by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock valued at $6,133,914,000 after buying an additional 1,113,520 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of PACCAR by 9.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock valued at $1,144,578,000 after buying an additional 987,805 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of PACCAR by 8.5% during the 4th quarter. Northern Trust Corp now owns 7,202,358 shares of the company's stock valued at $749,189,000 after buying an additional 565,967 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of PACCAR by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,006,859 shares of the company's stock valued at $624,836,000 after buying an additional 313,292 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC lifted its holdings in shares of PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock valued at $557,453,000 after buying an additional 4,219,964 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Stock Performance

NASDAQ PCAR traded up $1.87 during trading on Wednesday, hitting $100.82. The company's stock had a trading volume of 853,527 shares, compared to its average volume of 2,902,265. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average price of $95.94 and a 200 day moving average price of $97.33. The firm has a market cap of $52.94 billion, a P/E ratio of 17.28, a price-to-earnings-growth ratio of 3.90 and a beta of 0.91. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.28 by $0.09. The company had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The company's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.13 EPS. Equities research analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.33 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's payout ratio is currently 22.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PCAR shares. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price target for the company in a report on Monday, July 28th. Citigroup boosted their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Royal Bank Of Canada reduced their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.77.

Insider Buying and Selling

In other news, CFO Brice J. Poplawski sold 5,000 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

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.