California State Teachers Retirement System Sells 18,482 Shares of PACCAR Inc. $PCAR

California State Teachers Retirement System decreased its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 2.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 832,338 shares of the company’s stock after selling 18,482 shares during the period. California State Teachers Retirement System’s holdings in PACCAR were worth $96,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PCAR. Nomura Asset Management Co. Ltd. raised its position in PACCAR by 2.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock worth $45,281,000 after buying an additional 9,524 shares during the last quarter. Merit Financial Group LLC boosted its holdings in shares of PACCAR by 165.8% during the 4th quarter. Merit Financial Group LLC now owns 24,319 shares of the company’s stock valued at $2,663,000 after acquiring an additional 15,169 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after acquiring an additional 363,782 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 50,622 shares during the period. Finally, Swiss Life Asset Management Ltd grew its stake in shares of PACCAR by 118.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock worth $69,943,000 after acquiring an additional 345,937 shares during the period. Institutional investors own 64.90% of the company’s stock.

Key PACCAR News

Here are the key news stories impacting PACCAR this week:

• Positive Sentiment: JPMorgan raised its price target to $164 and upgraded PACCAR to “overweight,” implying substantial upside from recent levels and signaling increased confidence in the truck manufacturer’s earnings outlook. Benzinga
• Positive Sentiment: Second-quarter results exceeded expectations: adjusted earnings were $1.43 per share versus the $1.36 consensus estimate, while revenue reached $7.55 billion, above the $7.05 billion analyst forecast. Earnings also increased from $1.37 per share a year earlier. PACCAR Increases Quarterly Revenues and Profits
• Positive Sentiment: Management cited strong truck orders, higher production rates, improved freight conditions, better truck profitability and record parts revenue. Net income rose 24% from the preceding quarter, supporting the company’s near-term margin outlook. PACCAR Q2 Earnings Surpass Expectations on Truck Profit
• Neutral Sentiment: Analysts characterized truck demand as stable and regulatory conditions as clearer, which may support margins and guidance. However, quarterly revenue increased only about 0.5% year over year, suggesting that growth remains moderate. PCAR Q2 Deep Dive
• Negative Sentiment: PCAR’s lower trading action suggests investors may be taking profits or demanding stronger top-line growth after the earnings release. With the stock near its annual high and trading at roughly 28 times earnings, expectations may already reflect much of the favorable results.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $133.87 on Thursday. The company has a current ratio of 1.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 12-month low of $92.25 and a 12-month high of $139.24. The firm has a market capitalization of $70.45 billion, a price-to-earnings ratio of 28.12, a price-to-earnings-growth ratio of 1.27 and a beta of 0.97. The firm has a 50 day moving average of $120.46 and a 200 day moving average of $120.68.

PACCAR (NASDAQ:PCAR) last issued its quarterly 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. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same quarter last year, the company posted $1.37 EPS. The company’s revenue was up .5% compared to the same quarter last year. On average, research analysts anticipate that PACCAR Inc. will post 5.66 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.0%. PACCAR’s payout ratio is 29.79%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PCAR. JPMorgan Chase & Co. increased their price objective on shares of PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday. Evercore set a $139.00 target price on shares of PACCAR in a research report on Monday, May 11th. Morgan Stanley set a $119.00 target price on shares of PACCAR in a research note on Wednesday. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $148.00 price objective on shares of PACCAR in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $127.00.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.