BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in PACCAR Inc (NASDAQ:PCAR) by 60.2% during the second quarter, HoldingsChannel reports. The firm owned 100,379 shares of the company’s stock after buying an additional 37,730 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PACCAR were worth $10,333,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. State Board of Administration of Florida Retirement System raised its holdings in shares of PACCAR by 4.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock valued at $75,689,000 after buying an additional 27,963 shares in the last quarter. BDF Gestion purchased a new stake in shares of PACCAR in the 2nd quarter valued at $2,862,000. California State Teachers Retirement System grew its holdings in shares of PACCAR by 1.2% during the 4th quarter. California State Teachers Retirement System now owns 823,651 shares of the company’s stock valued at $80,430,000 after purchasing an additional 9,978 shares during the last quarter. Advisory Services Network LLC raised its position in PACCAR by 15.9% in the 1st quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after purchasing an additional 7,678 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in PACCAR by 18.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock worth $82,590,000 after purchasing an additional 105,109 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the sale, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.02% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PCAR shares. Raymond James initiated coverage on PACCAR in a research note on Friday, June 28th. They set a “market perform” rating on the stock. StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Truist Financial dropped their price objective on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. JPMorgan Chase & Co. decreased their target price on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 24th. Finally, Evercore ISI dropped their price target on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus price target of $112.73.

PACCAR Stock Performance

Shares of PCAR opened at $98.12 on Thursday. The company has a 50-day simple moving average of $96.65 and a two-hundred day simple moving average of $105.86. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.78 and a quick ratio of 2.54. The firm has a market capitalization of $51.44 billion, a PE ratio of 10.18, a price-to-earnings-growth ratio of 1.53 and a beta of 0.91. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The firm had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.33 EPS. On average, analysts anticipate that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s dividend payout ratio is presently 12.45%.

PACCAR Company 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.