State of Michigan Retirement System Buys 9,116 Shares of PACCAR Inc (NASDAQ:PCAR)

State of Michigan Retirement System boosted its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 11.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,334 shares of the company’s stock after purchasing an additional 9,116 shares during the quarter. State of Michigan Retirement System’s holdings in PACCAR were worth $6,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of PCAR. Capital World Investors raised its stake in shares of PACCAR by 43.5% during the 1st quarter. Capital World Investors now owns 9,104,922 shares of the company’s stock worth $556,584,000 after buying an additional 2,759,826 shares during the period. First Trust Advisors LP raised its position in PACCAR by 346.4% during the second quarter. First Trust Advisors LP now owns 1,810,093 shares of the company’s stock worth $135,485,000 after acquiring an additional 1,404,646 shares during the period. Capital International Investors acquired a new position in PACCAR during the first quarter worth $57,080,000. Alyeska Investment Group L.P. purchased a new position in PACCAR during the first quarter valued at $38,946,000. Finally, Advisor Group Holdings Inc. acquired a new stake in shares of PACCAR in the first quarter valued at about $3,371,000. Institutional investors own 61.39% of the company’s stock.

NASDAQ:PCAR opened at $85.08 on Friday. PACCAR Inc has a 52 week low of $49.11 and a 52 week high of $87.24. The company has a quick ratio of 1.09, a current ratio of 1.32 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $29.41 billion, a P/E ratio of 17.95, a P/E/G ratio of 2.62 and a beta of 1.12. The stock’s fifty day moving average is $77.32 and its two-hundred day moving average is $71.48.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 21st. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.12. PACCAR had a return on equity of 16.85% and a net margin of 7.95%. The business had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the prior year, the business posted $1.78 EPS. The company’s revenue was down 56.9% compared to the same quarter last year. Sell-side analysts anticipate that PACCAR Inc will post 3.29 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.50%. The ex-dividend date is Monday, August 10th. This is a positive change from PACCAR’s previous quarterly dividend of $0.09. PACCAR’s dividend payout ratio (DPR) is 18.63%.

Several equities research analysts recently issued reports on the company. Raymond James lifted their price objective on PACCAR from $90.00 to $95.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 22nd. Deutsche Bank boosted their price target on PACCAR from $95.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their price objective on PACCAR from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Piper Sandler cut shares of PACCAR from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $66.00 to $73.00 in a research note on Tuesday, May 12th. Finally, Cowen upgraded shares of PACCAR to a “hold” rating and increased their target price for the company from $65.00 to $83.00 in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $85.21.

In other PACCAR news, VP Todd R. Hubbard sold 7,416 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $85.90, for a total value of $637,034.40. Following the sale, the vice president now owns 9,430 shares of the company’s stock, valued at $810,037. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP C Michael Dozier sold 12,158 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $85.40, for a total value of $1,038,293.20. Following the transaction, the senior vice president now owns 9,923 shares in the company, valued at $847,424.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,574 shares of company stock valued at $2,019,488. Company insiders own 2.18% of the company’s stock.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. The company operates in three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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