California State Teachers Retirement System Acquires 96,795,432 Shares of PACCAR Inc. $PCAR

by · The Cerbat Gem

California State Teachers Retirement System lifted its holdings in shares of PACCAR Inc. (NASDAQ:PCAR – Free Report) by 11,629.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,627,770 shares of the company’s stock after purchasing an additional 96,795,432 shares during the quarter. California State Teachers Retirement System owned approximately 0.19% of PACCAR worth $11,727,048,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Compass Financial Management LLC bought a new stake in PACCAR in the second quarter worth $28,000. Paladin Partners LLC bought a new position in PACCAR during the second quarter valued at about $27,000. Fiduciary Financial Advisors acquired a new stake in shares of PACCAR in the second quarter worth about $28,000. Continuum Advisory LLC bought a new stake in shares of PACCAR during the 2nd quarter worth about $29,000. Finally, Steph & Co. bought a new stake in shares of PACCAR during the 1st quarter worth about $29,000. Institutional investors own 64.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup increased their price objective on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Morgan Stanley set a $125.00 target price on PACCAR and gave the stock an “equal weight” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $132.30.

Read Our Latest Research Report on PACCAR

PACCAR Stock Performance

NASDAQ PCAR opened at $122.50 on Wednesday. The company’s fifty day moving average is $127.93 and its two-hundred day moving average is $121.73. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. The firm has a market capitalization of $64.48 billion, a price-to-earnings ratio of 25.74, a P/E/G ratio of 1.43 and a beta of 0.96.

PACCAR (NASDAQ:PCAR – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $7.05 billion. During the same quarter in the prior year, the business earned $1.37 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts forecast that PACCAR Inc. will post 5.91 EPS for the current year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date was Wednesday, August 12th. PACCAR’s payout ratio is currently 29.41%.

Insider Transactions at PACCAR

In other news, VP Paulo Henrique Bolgar sold 2,897 shares of PACCAR stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the sale, the vice president owned 3,831 shares of the company’s stock, valued at approximately $512,970.90. This trade represents a 43.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $132.50, for a total value of $261,025.00. Following the sale, the chief financial officer owned 1,391 shares in the company, valued at approximately $184,307.50. This represents a 58.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 56,842 shares of company stock worth $7,565,677. Insiders own 1.99% of the company’s stock.

PACCAR Company Profile

(Free Report)

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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