California Public Employees Retirement System Has $197.56 Million Position in PACCAR Inc. $PCAR

California Public Employees Retirement System lessened its holdings in shares of PACCAR Inc. (NASDAQ:PCAR) by 17.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,710,434 shares of the company’s stock after selling 366,568 shares during the quarter. California Public Employees Retirement System owned 0.32% of PACCAR worth $197,555,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PCAR. Brighton Jones LLC lifted its stake in shares of PACCAR by 0.3% in the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock valued at $9,258,000 after buying an additional 290 shares in the last quarter. Focus Partners Wealth increased its position in shares of PACCAR by 15.4% during the first quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock worth $1,324,000 after acquiring an additional 1,812 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of PACCAR by 2.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock worth $22,886,000 after acquiring an additional 5,327 shares during the last quarter. Ieq Capital LLC raised its holdings in shares of PACCAR by 11.5% in the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock worth $3,556,000 after acquiring an additional 3,858 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of PACCAR in the 2nd quarter worth about $81,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PCAR. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Truist Financial increased their price objective on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Wells Fargo & Company set a $125.00 target price on PACCAR and gave the company an “equal weight” rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on PACCAR from $140.00 to $155.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Finally, Citigroup reaffirmed a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $124.18.

PACCAR Stock Performance

Shares of PCAR stock opened at $126.20 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11. The firm has a market cap of $66.42 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.16 and a beta of 0.97. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $131.88. The firm’s 50-day simple moving average is $117.32 and its two-hundred day simple moving average is $119.60.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. During the same period in the prior year, the firm earned $1.46 EPS. The company’s revenue was down 9.8% compared to the same quarter last year. As a group, equities analysts forecast that PACCAR Inc. will post 5.65 earnings per share for the current year.

PACCAR Announces Dividend

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 issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio is 29.79%.

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.