New York State Teachers Retirement System Lowers Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

New York State Teachers Retirement System reduced its position in shares of PACCAR Inc (NASDAQ:PCAR) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 408,460 shares of the company’s stock after selling 16,218 shares during the period. New York State Teachers Retirement System owned about 0.08% of PACCAR worth $42,488,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PCAR. Wellington Management Group LLP boosted its position in shares of PACCAR by 53.3% during the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock worth $1,325,678,000 after buying an additional 4,669,172 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in PACCAR by 47.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares during the period. JPMorgan Chase & Co. boosted its holdings in PACCAR by 49.6% in the third quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock valued at $346,878,000 after purchasing an additional 1,164,692 shares during the period. Erste Asset Management GmbH purchased a new position in PACCAR in the third quarter valued at $63,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in PACCAR by 115.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company’s stock valued at $106,047,000 after purchasing an additional 576,532 shares during the period. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PCAR shares. Citigroup decreased their target price on PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Morgan Stanley decreased their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on PACCAR from $125.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and raised their price target for the company from $99.00 to $129.00 in a research note on Wednesday, November 13th. Finally, Truist Financial raised their price target on PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, PACCAR has an average rating of “Moderate Buy” and a consensus target price of $121.95.

Insider Transactions at PACCAR

In related news, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the transaction, the vice president now owns 5,463 shares in the company, valued at $612,129.15. The trade was a 26.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO R Preston Feight sold 25,200 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $110.98, for a total value of $2,796,696.00. Following the completion of the transaction, the chief executive officer now owns 206,129 shares in the company, valued at $22,876,196.42. This trade represents a 10.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,871 shares of company stock worth $14,586,333. Corporate insiders own 2.02% of the company’s stock.

PACCAR Stock Up 0.7 %

PCAR opened at $105.96 on Friday. The business’s 50-day simple moving average is $108.52 and its 200-day simple moving average is $104.74. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.39 and a current ratio of 1.67. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50. The stock has a market capitalization of $55.55 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 2.79 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. Analysts anticipate that PACCAR Inc will post 7.6 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were given a dividend of $3.00 per share. The ex-dividend date was Friday, December 20th. This is a boost from PACCAR’s previous dividend of $0.89. PACCAR’s payout ratio is 15.17%.

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.