New York State Teachers Retirement System Lowers Stake in PACCAR Inc. $PCAR

Key Points

• New York State Teachers Retirement System reduced its stake in PACCAR Inc. by 1.1%, owning a total of 393,678 shares worth approximately $37.4 million as of the second quarter.
• PACCAR reported earnings of $1.37 EPS for the last quarter, exceeding expectations, despite a 15.7% revenue decline year-over-year.
• The company announced a quarterly dividend of $0.33 per share, representing an annual yield of 1.4%, to be paid on December 3rd.

New York State Teachers Retirement System lowered its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 393,678 shares of the company's stock after selling 4,245 shares during the period. New York State Teachers Retirement System owned 0.07% of PACCAR worth $37,423,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PCAR. Brighton Jones LLC lifted its holdings in PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock worth $9,258,000 after buying an additional 290 shares during the period. GAMMA Investing LLC lifted its holdings in PACCAR by 11.1% during the first quarter. GAMMA Investing LLC now owns 9,028 shares of the company's stock worth $879,000 after buying an additional 901 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in PACCAR by 1.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 388,557 shares of the company's stock worth $37,834,000 after buying an additional 4,519 shares during the period. Ritholtz Wealth Management lifted its holdings in PACCAR by 6.9% during the first quarter. Ritholtz Wealth Management now owns 8,072 shares of the company's stock worth $786,000 after buying an additional 524 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in PACCAR by 27.2% during the first quarter. Exchange Traded Concepts LLC now owns 1,725 shares of the company's stock worth $168,000 after buying an additional 369 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PCAR. Truist Financial set a $97.00 target price on PACCAR and gave the stock a "hold" rating in a report on Wednesday, October 8th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and increased their price objective for the company from $81.00 to $100.00 in a report on Wednesday, July 23rd. Wall Street Zen upgraded PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. increased their price objective on PACCAR from $97.00 to $103.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Evercore ISI set a $114.00 price objective on PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, PACCAR has an average rating of "Moderate Buy" and a consensus target price of $108.14.

PACCAR Price Performance

NASDAQ PCAR opened at $95.16 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. The stock's fifty day moving average price is $98.53 and its 200 day moving average price is $95.46. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The company has a market cap of $49.97 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 3.89 and a beta of 0.94.

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

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Investors of record on Wednesday, November 12th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR's dividend payout ratio is presently 22.60%.

Insider Buying and Selling at PACCAR

In related news, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the transaction, the chief financial officer directly owned 468 shares of the company's stock, valued at $47,239.92. This represents a 91.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate insiders.

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.

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