California Public Employees Retirement System Trims Stake in PACCAR Inc (NASDAQ:PCAR)

California Public Employees Retirement System lessened its holdings in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 3.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,006,507 shares of the company's stock after selling 39,526 shares during the period. California Public Employees Retirement System owned approximately 0.19% of PACCAR worth $98,285,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PCAR. Raymond James Financial Services Advisors Inc. raised its holdings in PACCAR by 18.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 107,018 shares of the company's stock valued at $10,450,000 after acquiring an additional 16,360 shares in the last quarter. abrdn plc raised its holdings in PACCAR by 50.9% in the 4th quarter. abrdn plc now owns 264,756 shares of the company's stock valued at $25,853,000 after acquiring an additional 89,359 shares in the last quarter. Aigen Investment Management LP acquired a new position in PACCAR in the 3rd quarter valued at approximately $319,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in PACCAR by 42.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 558,909 shares of the company's stock valued at $47,518,000 after acquiring an additional 166,628 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in PACCAR by 29.6% in the 4th quarter. Pacer Advisors Inc. now owns 71,727 shares of the company's stock valued at $7,004,000 after acquiring an additional 16,390 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

PCAR has been the subject of a number of recent research reports. UBS Group raised PACCAR from a "neutral" rating to a "buy" rating and increased their target price for the stock from $104.00 to $136.00 in a report on Friday, March 15th. Morgan Stanley started coverage on PACCAR in a research report on Monday, January 8th. They set an "overweight" rating and a $125.00 target price for the company. JPMorgan Chase & Co. raised their target price on PACCAR from $135.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, April 15th. TD Cowen raised their price target on PACCAR from $91.00 to $108.00 and gave the company a "market perform" rating in a report on Wednesday, January 24th. Finally, Royal Bank of Canada initiated coverage on PACCAR in a report on Tuesday, March 26th. They set a "sector perform" rating and a $123.00 price target for the company. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $110.82.

Insiders Place Their Bets

In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the transaction, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO R Preston Feight sold 27,320 shares of the business's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $103.17, for a total value of $2,818,604.40. Following the sale, the chief executive officer now directly owns 145,495 shares in the company, valued at $15,010,719.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Todd R. Hubbard sold 2,000 shares of the business's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $106.15, for a total value of $212,300.00. Following the completion of the sale, the vice president now owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 153,496 shares of company stock worth $15,834,812. Corporate insiders own 2.02% of the company's stock.

PACCAR Trading Down 1.0 %

Shares of NASDAQ:PCAR traded down $1.12 during midday trading on Thursday, hitting $112.62. The company had a trading volume of 3,322,813 shares, compared to its average volume of 2,326,750. PACCAR Inc has a 12 month low of $68.40 and a 12 month high of $125.50. The company has a current ratio of 2.40, a quick ratio of 2.21 and a debt-to-equity ratio of 0.54. The stock has a market cap of $59.01 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.70 and a beta of 0.92. The firm has a fifty day simple moving average of $116.49 and a 200 day simple moving average of $101.60.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 23rd. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.45. PACCAR had a return on equity of 33.17% and a net margin of 13.10%. The business had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.48 billion. During the same period last year, the company earned $1.76 EPS. The firm's revenue was up 11.1% on a year-over-year basis. On average, analysts predict that PACCAR Inc will post 8.21 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Thursday, February 15th were issued a dividend of $0.27 per share. The ex-dividend date was Wednesday, February 14th. This represents a $1.08 annualized dividend and a yield of 0.96%. PACCAR's dividend payout ratio is presently 12.31%.

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.