Legal & General Group Plc Makes New Investment in PACCAR Inc. $PCAR

Legal & General Group Plc bought a new stake in PACCAR Inc. (NASDAQ:PCAR) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,795,340 shares of the company’s stock, valued at approximately $335,776,000. Legal & General Group Plc owned 0.53% of PACCAR as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PCAR. BlackRock Inc. bought a new position in shares of PACCAR during the second quarter worth about $4,927,720,000. Norges Bank bought a new stake in PACCAR in the 4th quarter valued at about $727,745,000. Bank of New York Mellon Corp bought a new stake in PACCAR in the 2nd quarter valued at about $453,107,000. Wellington Management Group LLP boosted its stake in PACCAR by 18.6% during the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after purchasing an additional 3,597,283 shares during the period. Finally, Deutsche Bank AG acquired a new position in PACCAR during the 2nd quarter valued at about $239,460,000. 64.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PCAR has been the topic of several analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Truist Financial boosted their price objective on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. Citigroup increased their price objective on PACCAR from $125.00 to $140.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. raised their target price on PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company boosted their price target on PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Price Performance

NASDAQ:PCAR opened at $129.22 on Wednesday. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The business’s 50-day moving average price is $126.83 and its 200 day moving average price is $121.90. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24. The firm has a market cap of $68.02 billion, a P/E ratio of 27.15, a PEG ratio of 1.02 and a beta of 0.97.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. During the same period in the prior year, the business earned $1.37 earnings per share. The business’s quarterly revenue was up .5% on a year-over-year basis. As a group, sell-side analysts predict that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.41%.

Insider Activity

In related news, VP William Lance Walters sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.90, for a total value of $387,908.30. Following the completion of the sale, the vice president directly owned 3,831 shares of the company’s stock, valued at approximately $512,970.90. This trade represents a 43.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 56,842 shares of company stock worth $7,565,677 in the last quarter. Insiders own 1.99% of the company’s stock.

About PACCAR

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.