PACCAR Inc. (NASDAQ:PCAR) Stake Decreased by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 397,923 shares of the company's stock after selling 10,537 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of PACCAR worth $38,746,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its position in shares of PACCAR by 8.2% during the 4th quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company's stock worth $8,916,000 after buying an additional 6,494 shares during the last quarter. LPL Financial LLC raised its position in PACCAR by 6.1% during the 4th quarter. LPL Financial LLC now owns 212,405 shares of the company's stock worth $22,094,000 after buying an additional 12,143 shares during the last quarter. American Century Companies Inc. boosted its holdings in PACCAR by 15.8% in the 4th quarter. American Century Companies Inc. now owns 631,369 shares of the company's stock valued at $65,675,000 after purchasing an additional 86,215 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted 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 valued at $77,404,000 after buying an additional 104,281 shares in the last quarter. Finally, Natixis Advisors LLC grew its stake in shares of PACCAR by 20.8% during the 4th quarter. Natixis Advisors LLC now owns 1,042,761 shares of the company's stock worth $108,468,000 after purchasing an additional 179,577 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Pierre R. Breber acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was purchased at an average cost of $89.78 per share, for a total transaction of $448,900.00. Following the purchase, the director directly owned 13,015 shares in the company, valued at $1,168,486.70. This represents a 62.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.02% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. downgraded PACCAR from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $105.00 to $90.00 in a research note on Wednesday, April 30th. Evercore ISI cut their price target on PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Melius raised shares of PACCAR from a "hold" rating to a "buy" rating in a research report on Tuesday, March 18th. UBS Group downgraded PACCAR from a "neutral" rating to a "sell" rating and lowered their price target for the company from $108.00 to $78.00 in a research report on Monday, April 7th. Finally, Melius Research set a $120.00 price objective on shares of PACCAR in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, PACCAR has a consensus rating of "Hold" and an average target price of $104.59.

PACCAR Stock Up 1.1%

PACCAR stock traded up $1.04 during midday trading on Wednesday, hitting $99.24. The stock had a trading volume of 266,057 shares, compared to its average volume of 2,711,482. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a current ratio of 2.35, a quick ratio of 2.19 and a debt-to-equity ratio of 0.55. The stock has a market cap of $52.10 billion, a P/E ratio of 15.00, a P/E/G ratio of 3.52 and a beta of 0.94. The business has a fifty day moving average price of $93.04 and a 200 day moving average price of $99.39.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). PACCAR had a return on equity of 20.79% and a net margin of 10.73%. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same period last year, the company posted $2.27 earnings per share. The firm's revenue for the quarter was down 16.0% on a year-over-year basis. Research analysts predict that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 4th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Wednesday, May 14th. PACCAR's payout ratio is 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.