New York State Common Retirement Fund Trims Stake in PACCAR Inc. (PCAR)
New York State Common Retirement Fund reduced its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 0.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 772,700 shares of the company’s stock after selling 2,501 shares during the period. New York State Common Retirement Fund owned about 0.22% of PACCAR worth $51,029,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Thrivent Financial For Lutherans grew its position in shares of PACCAR by 3.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 13,337 shares of the company’s stock valued at $881,000 after acquiring an additional 430 shares during the period. ProShare Advisors LLC grew its position in shares of PACCAR by 16.3% during the 2nd quarter. ProShare Advisors LLC now owns 129,109 shares of the company’s stock valued at $8,526,000 after acquiring an additional 18,141 shares during the period. BlueMountain Capital Management LLC bought a new position in PACCAR in the 2nd quarter worth approximately $2,771,000. Amalgamated Bank boosted its holdings in PACCAR by 59.2% in the 2nd quarter. Amalgamated Bank now owns 38,758 shares of the company’s stock worth $2,560,000 after buying an additional 14,416 shares during the period. Finally, BlackRock Inc. boosted its holdings in PACCAR by 6.6% in the 2nd quarter. BlackRock Inc. now owns 25,508,314 shares of the company’s stock worth $1,684,572,000 after buying an additional 1,572,038 shares during the period. 62.12% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the stock. Citigroup Inc. raised their price objective on shares of PACCAR from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. BidaskClub raised shares of PACCAR from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 12th. Jefferies Group LLC set a $77.00 price objective on shares of PACCAR and gave the stock a “buy” rating in a report on Sunday, May 28th. Robert W. Baird reaffirmed a “hold” rating and issued a $67.00 price objective on shares of PACCAR in a report on Friday, September 1st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $72.00 price objective on shares of PACCAR in a report on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. PACCAR currently has a consensus rating of “Hold” and an average price target of $71.74.
Shares of PACCAR Inc. (PCAR) opened at 70.71 on Friday. The stock’s 50 day moving average is $66.39 and its 200 day moving average is $66.14. PACCAR Inc. has a 52-week low of $53.38 and a 52-week high of $71.37. The stock has a market cap of $24.85 billion, a PE ratio of 18.93 and a beta of 1.15.
PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 25th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.99 by $0.07. PACCAR had a net margin of 7.77% and a return on equity of 18.61%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc. will post $4.00 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Monday, November 13th. PACCAR’s dividend payout ratio (DPR) is presently 26.74%.
In other news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $67.89, for a total value of $189,141.54. Following the transaction, the insider now owns 20,800 shares of the company’s stock, valued at $1,412,112. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.64% of the stock is currently owned by insiders.
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PACCAR Company Profile
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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