State of New Jersey Common Pension Fund D Has $17.18 Million Stock Position in PACCAR Inc. $PCAR

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in PACCAR Inc. by 8.0%, now holding 176,430 shares valued at approximately $17.18 million.
• Recent insider transactions saw PACCAR's CEO sell 39,965 shares while the CFO sold 5,000 shares, indicating significant reductions in their ownership percentages.
• Equities analysts have adjusted their ratings on PACCAR, with Citigroup and UBS upgrading their target prices to $100.00 and $107.77 for a consensus rating of "Moderate Buy".

State of New Jersey Common Pension Fund D decreased its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 176,430 shares of the company's stock after selling 15,436 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in PACCAR were worth $17,179,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PCAR. Brighton Jones LLC boosted its position 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 purchasing an additional 290 shares during the period. Rockefeller Capital Management L.P. boosted its position in PACCAR by 4.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 16,577 shares of the company's stock worth $1,731,000 after purchasing an additional 764 shares during the period. Mariner LLC boosted its position in PACCAR by 2.9% during the fourth quarter. Mariner LLC now owns 72,647 shares of the company's stock worth $7,557,000 after purchasing an additional 2,029 shares during the period. NewEdge Advisors LLC boosted its position in PACCAR by 21.1% during the fourth quarter. NewEdge Advisors LLC now owns 18,890 shares of the company's stock worth $1,965,000 after purchasing an additional 3,296 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in PACCAR by 8.8% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 462,558 shares of the company's stock worth $48,074,000 after purchasing an additional 37,489 shares during the period. Institutional investors own 64.90% of the company's stock.

Insider Buying and Selling

In related news, CFO Brice J. Poplawski sold 5,000 shares of the 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 completion of the sale, the chief financial officer directly owned 468 shares of the company's stock, valued at approximately $47,239.92. This represents a 91.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO R Preston Feight sold 39,965 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares of the company's stock, 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 currently owned by corporate insiders.

PACCAR Price Performance

NASDAQ:PCAR traded up $4.3430 during trading hours on Friday, reaching $101.8830. The company had a trading volume of 1,471,797 shares, compared to its average volume of 2,863,629. The stock has a 50-day moving average of $96.67 and a two-hundred day moving average of $96.87. PACCAR Inc. has a one year low of $84.65 and a one year high of $118.81. The firm has a market capitalization of $53.50 billion, a PE ratio of 17.45, a PEG ratio of 3.94 and a beta of 0.91. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $7.02 billion. During the same period in the prior year, the business posted $2.13 earnings per share. The business's revenue was down 15.7% compared to the same quarter last year. Analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PCAR. JPMorgan Chase & Co. upped their target price on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Royal Bank Of Canada decreased their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Citigroup upped their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Vertical Research raised PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Finally, Truist Financial cut their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $107.68.

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.