Maryland State Retirement & Pension System Increases Stock Position in PACCAR Inc (NASDAQ:PCAR)

Maryland State Retirement & Pension System grew its stake in PACCAR Inc (NASDAQ:PCAR) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,899 shares of the company’s stock after buying an additional 747 shares during the period. Maryland State Retirement & Pension System’s holdings in PACCAR were worth $3,896,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. AdvisorNet Financial Inc grew its holdings in shares of PACCAR by 188.5% during the 4th quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of PACCAR in the third quarter worth about $26,000. ORG Partners LLC lifted its stake in shares of PACCAR by 6,200.0% in the 4th quarter. ORG Partners LLC now owns 378 shares of the company’s stock valued at $37,000 after acquiring an additional 372 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in PACCAR during the 4th quarter valued at about $37,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in PACCAR in the 4th quarter worth approximately $39,000. Institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PCAR shares. Truist Financial reissued a “hold” rating and issued a $121.00 price target (up previously from $117.00) on shares of PACCAR in a report on Thursday, May 2nd. UBS Group raised PACCAR from a “neutral” rating to a “buy” rating and raised their price objective for the company from $104.00 to $136.00 in a research report on Friday, March 15th. The Goldman Sachs Group increased their price target on shares of PACCAR from $106.00 to $121.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. TD Cowen boosted their price objective on shares of PACCAR from $91.00 to $108.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 24th. Finally, Evercore ISI raised their target price on shares of PACCAR from $94.00 to $101.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $112.62.

Insider Activity at PACCAR

In other news, CFO Harrie Schippers sold 32,797 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $106.08, for a total value of $3,479,105.76. Following the transaction, the chief financial officer now owns 103,547 shares in the company, valued at approximately $10,984,265.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other PACCAR news, CFO Harrie Schippers sold 32,797 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.08, for a total transaction of $3,479,105.76. Following the completion of the sale, the chief financial officer now owns 103,547 shares of the company’s stock, valued at $10,984,265.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $106.15, for a total value of $212,300.00. Following the transaction, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,920 shares of company stock worth $4,650,324. 2.02% of the stock is owned by insiders.

PACCAR Stock Performance

NASDAQ PCAR traded up $1.02 during trading hours on Tuesday, hitting $106.17. The company’s stock had a trading volume of 1,178,601 shares, compared to its average volume of 2,443,457. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.73 and a quick ratio of 2.49. The company has a market cap of $55.65 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 1.63 and a beta of 0.96. The company’s 50 day simple moving average is $116.28 and its two-hundred day simple moving average is $102.94. PACCAR Inc has a 12 month low of $68.40 and a 12 month high of $125.50.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.07. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.25 billion. During the same period in the previous year, the company earned $2.25 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts expect that PACCAR Inc will post 8.26 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.13%. This is a positive change from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s payout ratio is presently 11.20%.

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.