New York State Common Retirement Fund Sells 88,500 Shares of PACCAR Inc. (NASDAQ:PCAR)

New York State Common Retirement Fund cut its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 648,469 shares of the company's stock after selling 88,500 shares during the period. New York State Common Retirement Fund owned 0.12% of PACCAR worth $63,141,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. LPL Financial LLC raised its stake in shares of PACCAR by 6.1% in the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company's stock worth $22,094,000 after acquiring an additional 12,143 shares during the last quarter. American Century Companies Inc. raised its stake in shares of PACCAR by 15.8% in the fourth quarter. American Century Companies Inc. now owns 631,369 shares of the company's stock worth $65,675,000 after acquiring an additional 86,215 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of PACCAR by 15.1% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 794,946 shares of the company's stock worth $77,404,000 after acquiring an additional 104,281 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of PACCAR by 62.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock worth $3,533,000 after acquiring an additional 13,904 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd raised its stake in shares of PACCAR by 32.4% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 31,980 shares of the company's stock worth $3,313,000 after acquiring an additional 7,833 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on PCAR. Evercore ISI dropped their target price on shares of PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Royal Bank Of Canada dropped their price target on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Wall Street Zen downgraded shares of PACCAR from a "hold" rating to a "sell" rating in a research note on Sunday. Melius Research set a $120.00 price target on shares of PACCAR in a research note on Tuesday, March 18th. Finally, UBS Group downgraded shares of PACCAR from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $108.00 to $78.00 in a research note on Monday, April 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $104.59.

Insider Buying and Selling at PACCAR

In related news, Director Pierre R. Breber purchased 5,000 shares of PACCAR stock in a transaction dated Tuesday, May 6th. The stock was bought at an average price of $89.78 per share, for a total transaction of $448,900.00. Following the completion of the acquisition, the director directly owned 13,015 shares of the company's stock, valued at $1,168,486.70. This represents a 62.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.02% of the stock is owned by company insiders.

PACCAR Stock Down 2.0%

Shares of NASDAQ PCAR opened at $97.21 on Monday. The stock has a market cap of $51.03 billion, a P/E ratio of 14.73, a P/E/G ratio of 3.59 and a beta of 0.94. The firm has a 50 day moving average price of $94.21 and a 200 day moving average price of $98.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.19 and a current ratio of 2.35. 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 data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). The firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. PACCAR had a net margin of 10.73% and a return on equity of 20.79%. The firm's revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.27 EPS. Analysts expect that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's dividend payout ratio (DPR) is presently 20.00%.

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.

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