State of Alaska Department of Revenue Increases Holdings in PACCAR Inc (NASDAQ:PCAR)

State of Alaska Department of Revenue boosted its holdings in shares of PACCAR Inc (NASDAQ:PCARGet Rating) by 23.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,053 shares of the company’s stock after purchasing an additional 18,140 shares during the period. State of Alaska Department of Revenue’s holdings in PACCAR were worth $7,825,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PCAR. Disciplined Investments LLC grew its holdings in shares of PACCAR by 280.0% during the 1st quarter. Disciplined Investments LLC now owns 323 shares of the company’s stock worth $28,000 after acquiring an additional 238 shares during the period. Riverview Trust Co bought a new position in PACCAR in the 1st quarter valued at approximately $30,000. Achmea Investment Management B.V. bought a new position in PACCAR in the 1st quarter valued at approximately $33,000. Prospera Financial Services Inc bought a new position in PACCAR in the 1st quarter valued at approximately $39,000. Finally, CENTRAL TRUST Co lifted its position in PACCAR by 800.0% in the 1st quarter. CENTRAL TRUST Co now owns 585 shares of the company’s stock valued at $52,000 after acquiring an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 64.17% of the company’s stock.

Insiders Place Their Bets

In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $91.50, for a total value of $183,000.00. Following the sale, the vice president now owns 2,119 shares in the company, valued at $193,888.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.05% of the company’s stock.

PACCAR Stock Up 2.5 %

Shares of PCAR opened at $87.29 on Tuesday. The stock has a market capitalization of $30.35 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 1.10 and a beta of 0.89. PACCAR Inc has a 1 year low of $77.00 and a 1 year high of $97.56. The business’s 50 day simple moving average is $88.20 and its 200-day simple moving average is $86.19. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.62 and a quick ratio of 2.36.

PACCAR (NASDAQ:PCARGet Rating) last released its quarterly earnings results on Tuesday, July 26th. The company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.26. PACCAR had a return on equity of 18.64% and a net margin of 8.68%. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.57 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. PACCAR’s quarterly revenue was up 26.0% compared to the same quarter last year. As a group, equities analysts expect that PACCAR Inc will post 7.73 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Tuesday, November 15th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Monday, November 14th. This is a positive change from PACCAR’s previous quarterly dividend of $0.34. PACCAR’s dividend payout ratio is presently 21.45%.

Analyst Ratings Changes

PCAR has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price objective on PACCAR from $106.00 to $94.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Cowen lowered their price target on PACCAR from $100.00 to $92.00 in a report on Thursday, July 7th. Morgan Stanley increased their price target on PACCAR from $75.00 to $81.00 and gave the company an “equal weight” rating in a report on Wednesday, July 27th. Vertical Research cut PACCAR from a “buy” rating to a “hold” rating and increased their price target for the company from $100.00 to $102.00 in a report on Wednesday, August 17th. Finally, Cowen lowered their price target on PACCAR from $100.00 to $92.00 in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.21.

PACCAR Company Profile

(Get Rating)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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.

Further Reading

Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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