VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 56,870 PACCAR Inc. $PCAR

Key Points

• Virginia Retirement Systems bought 56,870 PACCAR shares worth approximately $6.83 million in the second quarter. Institutional investors and hedge funds collectively own 64.9% of the company.
• PACCAR reported quarterly earnings of $1.43 per share, exceeding estimates of $1.36, while revenue reached $7.55 billion versus the $7.05 billion consensus forecast.
• Analysts maintain a consensus “Hold” rating with a $132.30 price target. PACCAR also paid a quarterly dividend of $0.35 per share, equivalent to a 1.1% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 56,870 shares of the company's stock, valued at approximately $6,831,000.

Other hedge funds have also made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of PACCAR by 11,629.3% in the 2nd quarter. California State Teachers Retirement System now owns 97,627,770 shares of the company's stock worth $11,727,048,000 after purchasing an additional 96,795,432 shares during the last quarter. BlackRock Inc. bought a new position in shares of PACCAR during the second quarter worth about $4,927,720,000. Wellington Management Group LLP lifted its position in shares of PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the last quarter. State Street Corp grew its stake 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 purchasing an additional 94,869 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in PACCAR by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after purchasing an additional 50,622 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Insider Activity

In other PACCAR news, VP Paulo Henrique Bolgar sold 2,897 shares of the business's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the transaction, the vice president directly owned 3,831 shares of the company's stock, valued at $512,970.90. The trade was a 43.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP William Lance Walters sold 1,000 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The SEC filing for this sale provides additional information. Insiders sold 56,842 shares of company stock worth $7,565,677 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company upped their price objective on PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. lifted their target price on PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a research report on Friday. Citigroup lifted their price objective on shares of PACCAR from $125.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of PACCAR in a research report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $132.30.

PACCAR Trading Down 1.8%

Shares of NASDAQ PCAR opened at $122.50 on Wednesday. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $139.24. The company has a market cap of $64.48 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 1.43 and a beta of 0.96. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The stock's 50 day simple moving average is $127.93 and its 200 day simple moving average is $121.73.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm's revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company earned $1.37 earnings per share. Equities research analysts expect that PACCAR Inc. will post 5.91 EPS for the current year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is 29.41%.

About PACCAR

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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