Kentucky Retirement Systems Sells 2,978 Shares of PACCAR Inc (NASDAQ:PCAR)

Kentucky Retirement Systems reduced its holdings in PACCAR Inc (NASDAQ:PCAR) by 7.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 36,520 shares of the company’s stock after selling 2,978 shares during the period. Kentucky Retirement Systems’ holdings in PACCAR were worth $3,604,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PCAR. Dimensional Fund Advisors LP lifted its holdings in PACCAR by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock valued at $557,572,000 after buying an additional 171,317 shares during the period. Legal & General Group Plc increased its holdings in PACCAR by 5.9% during the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after purchasing an additional 242,435 shares in the last quarter. Capital International Investors grew its stake in shares of PACCAR by 44.8% in the 1st quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after acquiring an additional 1,225,468 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of PACCAR by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after acquiring an additional 178,813 shares during the last quarter. Finally, National Pension Service lifted its holdings in PACCAR by 4.3% during the third quarter. National Pension Service now owns 1,639,539 shares of the company’s stock worth $161,790,000 after acquiring an additional 68,064 shares during the period. 64.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Morgan Stanley lowered their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft lowered their price objective 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. JPMorgan Chase & Co. reduced their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Finally, Truist Financial increased their price objective on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $116.55.

Insider Activity at PACCAR

In related news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the transaction, the chief executive officer now owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by insiders.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $112.26 on Friday. The firm has a market capitalization of $58.86 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.76 and a beta of 0.89. The company’s fifty day moving average price is $104.03 and its 200-day moving average price is $102.80. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same period in the previous year, the firm earned $2.34 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. PACCAR’s dividend payout ratio is currently 13.41%.

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.