PACCAR Inc. $PCAR Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Cuts Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in PACCAR Inc. (NASDAQ:PCAR) by 60.0% during the 3rd quarter, Holdings Channel reports. The firm owned 22,770 shares of the company’s stock after selling 34,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in PACCAR were worth $2,500,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Compass Financial Management LLC bought a new stake in shares of PACCAR during the second quarter worth approximately $28,000. Paladin Partners LLC acquired a new position in PACCAR in the second quarter valued at approximately $27,000. Fiduciary Financial Advisors acquired a new position in PACCAR in the second quarter valued at approximately $28,000. Continuum Advisory LLC bought a new position in PACCAR in the second quarter valued at approximately $29,000. Finally, EFG International AG bought a new position in PACCAR in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PCAR shares. Jefferies Financial Group lifted their target price on shares of PACCAR from $120.00 to $140.00 and gave the stock a “hold” rating in a report on Wednesday, July 29th. Wells Fargo & Company set a $122.00 price target on PACCAR and gave the company an “equal weight” rating in a research note on Thursday, October 8th. Morgan Stanley set a $125.00 price target on PACCAR and gave the company an “equal weight” rating in a research note on Friday, September 4th. Truist Financial reduced their price target on PACCAR from $125.00 to $124.00 and set a “hold” rating on the stock in a research report on Wednesday, October 28th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $148.00 price objective (up from $142.00) on shares of PACCAR in a research note on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $131.96.

PACCAR Stock Performance

Shares of PCAR stock opened at $102.03 on Wednesday. The stock has a market cap of $53.72 billion, a PE ratio of 19.57, a price-to-earnings-growth ratio of 1.32 and a beta of 0.96. The stock has a 50-day moving average of $113.70 and a 200-day moving average of $119.98. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.22 and a quick ratio of 2.98. PACCAR Inc. has a one year low of $93.86 and a one year high of $139.24.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 27th. The company reported $1.61 earnings per share for the quarter, hitting the consensus estimate of $1.61. PACCAR had a net margin of 9.50% and a return on equity of 13.76%. The business had revenue of $8.50 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same quarter last year, the firm earned $1.12 EPS. PACCAR’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, sell-side analysts expect that PACCAR Inc. will post 5.84 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR’s dividend payout ratio is presently 26.67%.

PACCAR Profile

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.