VIRGINIA RETIREMENT SYSTEMS ET Al Has $93.62 Million Stock Position in PACCAR Inc. $PCAR

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 8.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 952,150 shares of the company’s stock after acquiring an additional 72,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.18% of PACCAR worth $93,615,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PCAR. State Street Corp grew its stake in shares of PACCAR by 1.0% during the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock valued at $2,142,139,000 after purchasing an additional 218,188 shares during the last quarter. Geode Capital Management LLC lifted its holdings in PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock worth $1,184,112,000 after buying an additional 159,632 shares in the last quarter. JPMorgan Chase & Co. boosted its position in PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after buying an additional 1,165,443 shares during the last quarter. Invesco Ltd. boosted its position in PACCAR by 5.0% in the 2nd quarter. Invesco Ltd. now owns 5,212,386 shares of the company’s stock valued at $495,489,000 after buying an additional 246,410 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of PACCAR in the 2nd quarter valued at $472,520,000. 64.90% of the stock is owned by institutional investors.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the sale, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citigroup reaffirmed a “neutral” rating and set a $115.00 price target (up previously from $105.00) on shares of PACCAR in a research note on Thursday, December 11th. JPMorgan Chase & Co. raised PACCAR from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $108.00 to $133.00 in a report on Friday, December 19th. Weiss Ratings downgraded shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Morgan Stanley set a $90.00 price target on shares of PACCAR in a research report on Tuesday, October 21st. Finally, Wells Fargo & Company began coverage on shares of PACCAR in a research note on Thursday, November 13th. They set a “positive” rating and a $106.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.04.

PACCAR Stock Performance

Shares of PCAR stock opened at $110.96 on Wednesday. The stock has a market cap of $58.28 billion, a PE ratio of 21.71, a price-to-earnings-growth ratio of 15.24 and a beta of 1.01. The stock has a 50-day moving average of $104.42 and a 200-day moving average of $99.97. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91. PACCAR Inc. has a one year low of $84.65 and a one year high of $115.43.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $6.23 billion. During the same quarter in the prior year, the firm posted $1.85 EPS. The firm’s revenue for the quarter was down 20.7% compared to the same quarter last year. As a group, sell-side analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.2%. PACCAR’s payout ratio is 25.83%.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.