VIRGINIA RETIREMENT SYSTEMS ET Al Invests $83.66 Million in PACCAR Inc. $PCAR

Key Points

• The Virginia Retirement Systems ET Al invested $83.66 million in PACCAR Inc., purchasing approximately 880,050 shares during the second quarter.
• CEO R. Preston Feight executed a stock sale of 39,965 shares totaling nearly $3.98 million, indicating a significant decrease in his position.
• PACCAR has received mixed ratings from analysts, with recent upgrades to "strong-buy" and "buy" while one report downgraded the stock to a "strong sell," reflecting varied investor sentiment.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 880,050 shares of the company's stock, valued at approximately $83,658,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.17% of PACCAR as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PCAR. Foster & Motley Inc. boosted its holdings in PACCAR by 2.3% during the 2nd quarter. Foster & Motley Inc. now owns 81,747 shares of the company's stock valued at $7,771,000 after acquiring an additional 1,829 shares during the period. Chevy Chase Trust Holdings LLC raised its stake in shares of PACCAR by 0.7% during the second quarter. Chevy Chase Trust Holdings LLC now owns 279,131 shares of the company's stock valued at $26,534,000 after acquiring an additional 2,076 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of PACCAR by 55.8% during the second quarter. Stratos Wealth Partners LTD. now owns 4,620 shares of the company's stock worth $439,000 after purchasing an additional 1,654 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its holdings in PACCAR by 1.8% in the 2nd quarter. First National Bank of Mount Dora Trust Investment Services now owns 37,231 shares of the company's stock worth $3,539,000 after buying an additional 674 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of PACCAR by 23.0% during the second quarter. Nordea Investment Management AB now owns 100,480 shares of the company's stock valued at $9,534,000 after buying an additional 18,767 shares during the period. Hedge funds and other institutional investors own 64.90% of the company's stock.

Insider Transactions at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the sale, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the completion of the sale, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.02% of the company's stock.

Analysts Set New Price Targets

PCAR has been the subject of several research analyst reports. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Argus raised PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research report on Monday, July 28th. Zacks Research cut shares of PACCAR from a "hold" rating to a "strong sell" rating in a report on Friday, October 10th. Finally, Truist Financial set a $97.00 price objective on shares of PACCAR and gave the stock a "hold" rating in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $108.14.

PACCAR Price Performance

Shares of PACCAR stock opened at $94.69 on Friday. The stock has a market cap of $49.72 billion, a P/E ratio of 16.21, a P/E/G ratio of 3.87 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The stock's fifty day moving average is $98.48 and its 200 day moving average is $95.41. PACCAR Inc. has a one year low of $84.65 and a one year high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued 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. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The company had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same quarter last year, the company earned $2.13 EPS. The firm's quarterly revenue was down 15.7% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.4%. The ex-dividend date is Wednesday, November 12th. PACCAR's dividend payout ratio is presently 22.60%.

PACCAR Company 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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