PACCAR Inc (NASDAQ:PCAR) Position Reduced by California Public Employees Retirement System

California Public Employees Retirement System reduced its position in shares of PACCAR Inc (NASDAQ:PCAR) by 6.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,036,543 shares of the company’s stock after selling 71,837 shares during the quarter. California Public Employees Retirement System owned about 0.20% of PACCAR worth $107,821,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in PACCAR during the fourth quarter worth approximately $37,000. Kestra Investment Management LLC acquired a new stake in shares of PACCAR during the 4th quarter valued at $37,000. OFI Invest Asset Management acquired a new stake in shares of PACCAR during the 4th quarter valued at $43,000. Atala Financial Inc bought a new stake in shares of PACCAR during the 4th quarter worth $43,000. Finally, Regents Gate Capital LLP acquired a new position in shares of PACCAR in the 4th quarter worth $44,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Trading Up 0.5 %

NASDAQ:PCAR opened at $97.37 on Tuesday. The company has a market capitalization of $51.11 billion, a P/E ratio of 12.31, a P/E/G ratio of 2.77 and a beta of 0.91. The stock’s 50 day moving average price is $104.93 and its 200 day moving average price is $106.74. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $124.39.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. On average, research analysts forecast that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Wednesday, February 12th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Wednesday, February 12th. This is an increase from PACCAR’s previous quarterly dividend of $0.30. PACCAR’s dividend payout ratio is 16.69%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PCAR. Evercore ISI dropped their price target on PACCAR from $129.00 to $127.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Melius Research set a $120.00 target price on shares of PACCAR in a research report on Tuesday, March 18th. UBS Group lowered shares of PACCAR from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $124.00 to $108.00 in a research note on Tuesday, March 18th. Citigroup reduced their target price on PACCAR from $112.00 to $105.00 and set a “neutral” rating for the company in a report on Monday. Finally, Truist Financial raised their target price on PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $117.54.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 25,200 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $110.98, for a total transaction of $2,796,696.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael K. Walton sold 6,000 shares of PACCAR stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now directly owns 951 shares in the company, valued at approximately $100,929.63. This represents a 86.32 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 165,547 shares of company stock valued at $18,261,908. Insiders own 2.02% of the company’s stock.

PACCAR 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.