Kentucky Retirement Systems Sells 226 Shares of PACCAR Inc (NASDAQ:PCAR)

Kentucky Retirement Systems trimmed its position in PACCAR Inc (NASDAQ:PCAR) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 39,498 shares of the company’s stock after selling 226 shares during the quarter. Kentucky Retirement Systems’ holdings in PACCAR were worth $4,066,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. YHB Investment Advisors Inc. bought a new position in PACCAR in the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. bought a new position in PACCAR in the 1st quarter valued at about $27,000. Riverview Trust Co acquired a new position in shares of PACCAR during the 1st quarter worth approximately $29,000. Rise Advisors LLC acquired a new position in shares of PACCAR during the 1st quarter worth approximately $31,000. Finally, Meeder Asset Management Inc. grew its position in shares of PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the transaction, the chief executive officer now owns 162,782 shares of the company’s stock, valued at $16,066,583.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PCAR. Truist Financial decreased their target price on shares of PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Raymond James began coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Evercore ISI decreased their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $112.73.

PACCAR Stock Performance

Shares of PACCAR stock opened at $99.52 on Friday. PACCAR Inc has a fifty-two week low of $80.94 and a fifty-two week high of $125.50. 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 $52.16 billion, a P/E ratio of 10.32, a P/E/G ratio of 1.47 and a beta of 0.91. The company’s 50 day moving average price is $97.04 and its two-hundred day moving average price is $106.30.

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

PACCAR Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s payout ratio is currently 12.45%.

About PACCAR

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.