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

Key Points

• Virginia Retirement Systems cut its PACCAR stake by 60% in the third quarter, selling 34,100 shares and retaining 22,770 shares valued at about $2.5 million.
• PACCAR reported quarterly EPS of $1.61, in line with estimates, while revenue of $8.50 billion exceeded forecasts and increased 20.8% year over year.
• Analysts’ consensus rating is Hold, with a consensus price target of $131.96. PACCAR also announced a quarterly dividend of $0.35 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 60.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,770 shares of the company's stock after selling 34,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in PACCAR were worth $2,500,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Ancora Advisors LLC acquired a new position in shares of PACCAR in the 2nd quarter worth approximately $16,286,000. Danica Pension Livsforsikringsaktieselskab bought a new stake in PACCAR during the 1st quarter worth approximately $9,273,000. National Pension Service increased its holdings in PACCAR by 4.1% during the 2nd quarter. National Pension Service now owns 1,400,624 shares of the company's stock valued at $168,243,000 after purchasing an additional 55,330 shares in the last quarter. Saudi Central Bank increased its holdings in PACCAR by 90.0% during the 2nd quarter. Saudi Central Bank now owns 36,838 shares of the company's stock valued at $4,425,000 after purchasing an additional 17,452 shares in the last quarter. Finally, Nykredit A S acquired a new stake in PACCAR during the 2nd quarter valued at $17,672,000. 64.90% of the stock is owned by institutional investors.

PACCAR Price Performance

PCAR opened at $102.03 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.22 and a quick ratio of 2.98. The stock has a market capitalization of $53.72 billion, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 1.32 and a beta of 0.96. The company's 50 day simple moving average is $113.70 and its 200-day simple moving average is $119.98. PACCAR Inc. has a one year low of $93.86 and a one year high of $139.24.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 earnings per share for the quarter, hitting the consensus estimate of $1.61. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The firm had revenue of $8.50 billion during the quarter, compared to analysts' expectations of $7.48 billion. During the same quarter in the previous year, the company posted $1.12 EPS. PACCAR's revenue was up 20.8% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc. will post 5.84 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR's dividend payout ratio (DPR) is 26.67%.

Analyst Ratings Changes

Several equities analysts have issued reports on PCAR shares. Citigroup cut their price objective on PACCAR from $140.00 to $115.00 and set a "neutral" rating for the company in a research report on Monday, October 12th. Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a report on Tuesday, August 18th. Freedom Broker upgraded PACCAR from a "hold" rating to a "buy" rating and lowered their target price for the company from $132.00 to $120.00 in a research note on Friday, October 30th. Truist Financial cut their price target on PACCAR from $125.00 to $124.00 and set a "hold" rating for the company in a report on Wednesday, October 28th. Finally, Morgan Stanley set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a report on Friday, September 4th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, PACCAR currently has a consensus rating of "Hold" and a consensus target price of $131.96.

PACCAR Profile

PACCAR Inc NASDAQ: PCAR is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company's operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.

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