PACCAR Inc. $PCAR Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al reduced its PACCAR stake by 14.5% in the fourth quarter, selling 138,400 shares and leaving it with 813,750 shares valued at about $89.1 million.
• PACCAR’s latest quarterly results met EPS expectations at $1.15 per share and beat revenue estimates with $6.78 billion in sales, though revenue was still down 9.8% year over year.
• The company raised its quarterly dividend to $0.35 per share from $0.33, while analysts currently have a consensus Hold rating and an average price target of $122.

VIRGINIA RETIREMENT SYSTEMS ET Al cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 14.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 813,750 shares of the company's stock after selling 138,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.15% of PACCAR worth $89,114,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of PACCAR by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock valued at $6,951,172,000 after acquiring an additional 363,782 shares during the last quarter. Capital Research Global Investors increased its position in shares of PACCAR by 20.3% during the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company's stock valued at $587,084,000 after acquiring an additional 1,009,134 shares during the last quarter. Invesco Ltd. grew its holdings in shares of PACCAR by 3.5% in the third quarter. Invesco Ltd. now owns 5,396,888 shares of the company's stock valued at $530,622,000 after purchasing an additional 184,502 shares in the last quarter. UBS Group AG grew its holdings in shares of PACCAR by 74.4% in the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company's stock valued at $498,146,000 after purchasing an additional 1,940,260 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of PACCAR by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 3,256,671 shares of the company's stock valued at $320,196,000 after purchasing an additional 22,941 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PCAR. Weiss Ratings upgraded shares of PACCAR from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. BNP Paribas Exane began coverage on shares of PACCAR in a report on Tuesday, March 31st. They issued a "neutral" rating and a $126.00 price objective for the company. Truist Financial lifted their price objective on shares of PACCAR from $120.00 to $126.00 and gave the company a "hold" rating in a report on Wednesday, April 29th. Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the company an "equal weight" rating in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $150.00 to $140.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $122.00.

PACCAR Stock Up 0.1%

Shares of PACCAR stock opened at $113.03 on Wednesday. PACCAR Inc. has a 52-week low of $90.05 and a 52-week high of $131.88. The company has a 50 day moving average of $119.49 and a 200 day moving average of $115.22. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $59.49 billion, a P/E ratio of 24.05, a P/E/G ratio of 1.05 and a beta of 1.02.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The firm's quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts forecast that PACCAR Inc. will post 5.6 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be paid a $0.35 dividend. This is an increase from PACCAR's previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, May 13th. PACCAR's payout ratio is presently 28.09%.

Insider Transactions at PACCAR

In related news, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the transaction, the chief financial officer owned 903 shares in the company, valued at $117,760.23. The trade was a 70.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.99% of the stock is owned by corporate insiders.

About PACCAR

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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