Teacher Retirement System of Texas Lowers Stake in PACCAR Inc. $PCAR

Key Points

• Teacher Retirement System of Texas cut its PACCAR holding by 30.6% in Q4, selling 72,190 shares and ending the quarter with 164,001 shares worth $17.96 million.
• Analysts have a consensus "Hold" on PACCAR with an average target of $117.42, though recent notes range from Morgan Stanley's $109 equal-weight to JPMorgan's $142 overweight target.
• Significant insider selling occurred last quarter—133,105 shares valued at $16.87 million were sold (including EVP and VP sales)—leaving insiders with about 1.99% ownership.

Teacher Retirement System of Texas reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 30.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,001 shares of the company's stock after selling 72,190 shares during the quarter. Teacher Retirement System of Texas' holdings in PACCAR were worth $17,960,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. California Public Employees Retirement System lifted its stake in PACCAR by 0.8% in the third quarter. California Public Employees Retirement System now owns 1,075,315 shares of the company's stock worth $105,725,000 after acquiring an additional 9,045 shares during the period. National Pension Service lifted its stake in PACCAR by 5.5% in the third quarter. National Pension Service now owns 939,146 shares of the company's stock worth $92,337,000 after acquiring an additional 48,711 shares during the period. AE Wealth Management LLC lifted its stake in PACCAR by 29.1% in the third quarter. AE Wealth Management LLC now owns 39,594 shares of the company's stock worth $3,893,000 after acquiring an additional 8,932 shares during the period. Vanguard Group Inc. lifted its stake in PACCAR by 0.8% in the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company's stock worth $6,205,117,000 after acquiring an additional 485,678 shares during the period. Finally, Nordea Investment Management AB lifted its stake in PACCAR by 12.6% in the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company's stock worth $13,487,000 after acquiring an additional 13,668 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on PCAR shares. Wall Street Zen raised shares of PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Morgan Stanley set a $109.00 price objective on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Tuesday, February 3rd. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Truist Financial upped their price objective on shares of PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, January 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $133.00 to $142.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $117.42.

Insider Buying and Selling at PACCAR

In other PACCAR news, EVP Kevin D. Baney sold 9,672 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total transaction of $1,223,798.16. Following the completion of the sale, the executive vice president directly owned 12,592 shares of the company's stock, valued at approximately $1,593,265.76. This represents a 43.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paulo Henrique Bolgar sold 12,183 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $122.43, for a total transaction of $1,491,564.69. Following the sale, the vice president directly owned 6,274 shares of the company's stock, valued at approximately $768,125.82. The trade was a 66.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 133,105 shares of company stock valued at $16,869,046. 1.99% of the stock is currently owned by corporate insiders.

PACCAR Stock Performance

PCAR stock opened at $127.00 on Friday. The firm has a market cap of $66.84 billion, a price-to-earnings ratio of 28.16, a PEG ratio of 1.06 and a beta of 1.06. The firm has a 50-day simple moving average of $121.31 and a two-hundred day simple moving average of $113.50. PACCAR Inc. has a one year low of $84.65 and a one year high of $131.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, meeting the consensus estimate of $1.06. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.06 billion. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The company's quarterly revenue was down 15.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.66 earnings per share. On average, equities analysts forecast that PACCAR Inc. will post 5.55 EPS for the current fiscal year.

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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