PACCAR Inc. $PCAR Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its PACCAR stake by 11,629.3% in the second quarter, purchasing 96.8 million additional shares and bringing its ownership to 18.55%, valued at approximately $11.7 billion.
• Analysts maintain a broadly cautious outlook, with two Buy ratings and eleven Hold ratings; the consensus price target is $132.30, while recent targets range from $125 to $164.
• PACCAR exceeded quarterly expectations with earnings of $1.43 per share and revenue of $7.55 billion. Shares opened at $122.50, and the company maintains a quarterly dividend of $0.35, or $1.40 annually.

California State Teachers Retirement System lifted its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11,629.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,627,770 shares of the company's stock after purchasing an additional 96,795,432 shares during the quarter. California State Teachers Retirement System owned 18.55% of PACCAR worth $11,727,048,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC increased its position in shares of PACCAR by 0.3% during the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock valued at $9,258,000 after purchasing an additional 290 shares during the period. Focus Partners Wealth grew its stake in shares of PACCAR by 15.4% in the 1st quarter. Focus Partners Wealth now owns 13,604 shares of the company's stock worth $1,324,000 after purchasing an additional 1,812 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of PACCAR by 2.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company's stock worth $22,886,000 after purchasing an additional 5,327 shares in the last quarter. Ieq Capital LLC raised its holdings in shares of PACCAR by 11.5% in the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company's stock worth $3,556,000 after purchasing an additional 3,858 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in PACCAR during the second quarter valued at approximately $81,000. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup raised their target price on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Morgan Stanley set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a report on Friday. Truist Financial increased their price objective on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. raised their price objective on PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a report on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, PACCAR has an average rating of "Hold" and a consensus target price of $132.30.

Insider Activity at PACCAR

In other PACCAR news, VP William Lance Walters sold 1,000 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.50, for a total value of $133,500.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $132.50, for a total value of $261,025.00. Following the completion of the transaction, the chief financial officer directly owned 1,391 shares in the company, valued at approximately $184,307.50. The trade was a 58.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 56,842 shares of company stock valued at $7,565,677. Insiders own 1.99% of the company's stock.

PACCAR Trading Down 1.8%

Shares of NASDAQ PCAR opened at $122.50 on Wednesday. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The firm has a market capitalization of $64.48 billion, a PE ratio of 25.74, a PEG ratio of 1.43 and a beta of 0.96. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The business has a 50-day moving average price of $127.93 and a two-hundred day moving average price of $121.73.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm's quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 EPS. As a group, analysts predict that PACCAR Inc. will post 5.91 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, August 12th. PACCAR's dividend payout ratio is currently 29.41%.

PACCAR Company Profile

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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