PACCAR Inc. $PCAR Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its PACCAR stake by 82.1% in the first quarter, selling 781,582 shares and retaining 170,919 shares worth approximately $19.7 million. Institutional investors collectively own 64.9% of PACCAR.
• Analyst sentiment remains cautious, with three Buy ratings and eleven Holds. PACCAR has an average rating of Hold and a consensus price target of $124.50.
• PACCAR reported quarterly EPS of $1.15, in line with estimates, while revenue of $6.78 billion exceeded forecasts but declined 9.8% year over year. The company also declared a quarterly dividend of $0.35 per share, representing a 1.0% annualized yield.

Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 82.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 170,919 shares of the company's stock after selling 781,582 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in PACCAR were worth $19,741,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after buying an additional 363,782 shares in the last quarter. Wellington Management Group LLP raised its position in PACCAR by 18.6% in the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after acquiring an additional 3,597,283 shares in the last quarter. State Street Corp raised its position in PACCAR by 0.4% in the fourth quarter. State Street Corp now owns 22,497,197 shares of the company's stock worth $2,494,269,000 after acquiring an additional 94,869 shares in the last quarter. Geode Capital Management LLC lifted its holdings in PACCAR by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock valued at $1,350,867,000 after acquiring an additional 50,622 shares during the period. Finally, Norges Bank acquired a new stake in PACCAR in the fourth quarter valued at $727,745,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on PCAR shares. Weiss Ratings downgraded shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Truist Financial lifted their price target on shares of PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. BNP Paribas Exane assumed coverage on PACCAR in a report on Tuesday, March 31st. They issued a "neutral" rating and a $126.00 price target on the stock. Finally, Citigroup reaffirmed a "neutral" rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $124.50.

PACCAR Stock Performance

Shares of PCAR opened at $133.44 on Tuesday. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $134.27. The stock has a market cap of $70.23 billion, a P/E ratio of 28.39, a PEG ratio of 1.21 and a beta of 0.97. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $119.44 and a two-hundred day moving average of $120.41.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the prior year, the business earned $1.46 earnings per share. The company's quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts predict that PACCAR Inc. will post 5.66 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Wednesday, August 12th. PACCAR's dividend payout ratio is 29.79%.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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