State of Alaska Department of Revenue Decreases Position in PACCAR Inc. $PCAR

Key Points

• The State of Alaska Department of Revenue reduced its holdings in PACCAR Inc. by 4.1%, owning 58,878 shares worth approximately $5.6 million after selling 2,545 shares in the second quarter.
• PACCAR's latest earnings report showed $1.37 earnings per share (EPS), exceeding the consensus estimate of $1.28, while quarterly revenue was $6.96 billion, down 15.7% year-over-year.
• The company announced a quarterly dividend of $0.33 per share, with a dividend yield of 1.3%, to be paid on December 3rd to shareholders on record as of November 12th.

State of Alaska Department of Revenue trimmed its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 58,878 shares of the company's stock after selling 2,545 shares during the quarter. State of Alaska Department of Revenue's holdings in PACCAR were worth $5,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCAR. Wellington Management Group LLP raised its holdings in shares of PACCAR by 20.1% in the first quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company's stock worth $1,964,725,000 after buying an additional 3,379,165 shares during the period. Pacer Advisors Inc. raised its holdings in shares of PACCAR by 2,957.4% in the first quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company's stock worth $205,469,000 after buying an additional 2,041,168 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of PACCAR by 177.9% in the first quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company's stock worth $255,187,000 after buying an additional 1,677,736 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of PACCAR by 16,393.9% in the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company's stock worth $139,402,000 after buying an additional 1,422,992 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of PACCAR in the first quarter worth approximately $125,566,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

PACCAR Stock Up 5.2%

Shares of NASDAQ PCAR opened at $100.50 on Monday. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $52.77 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 4.03 and a beta of 0.94. The stock's fifty day simple moving average is $99.08 and its two-hundred day simple moving average is $95.64. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.09. The business had revenue of $6.96 billion for the quarter, compared to analysts' expectations of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The business's revenue for the quarter was down 15.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.13 EPS. As a group, analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's dividend payout ratio (DPR) is presently 22.60%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Truist Financial reduced their price target on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a report on Wednesday, July 23rd. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Evercore ISI set a $114.00 price objective on PACCAR and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Citigroup raised their price objective on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Finally, Vertical Research upgraded PACCAR to a "strong-buy" rating in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, PACCAR has a consensus rating of "Moderate Buy" and a consensus price target of $107.68.

Insiders Place Their Bets

In other news, CFO Brice J. Poplawski sold 5,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the sale, the chief financial officer owned 468 shares of the company's stock, valued at $47,239.92. This trade represents a 91.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

PACCAR Profile

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.

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