Maryland State Retirement & Pension System Has $2.34 Million Holdings in PACCAR Inc. (NASDAQ:PCAR)

Maryland State Retirement & Pension System lessened its stake in PACCAR Inc. (NASDAQ:PCAR) by 12.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,046 shares of the company’s stock after selling 3,420 shares during the quarter. Maryland State Retirement & Pension System’s holdings in PACCAR were worth $2,341,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PCAR. Brighton Jones LLC boosted its holdings in shares of PACCAR by 0.3% in the 4th 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 during the last quarter. Raymond James Financial Inc. acquired a new position in PACCAR during the fourth quarter worth approximately $30,440,000. Bessemer Group Inc. increased its position in PACCAR by 0.9% during the fourth quarter. Bessemer Group Inc. now owns 36,438 shares of the company’s stock worth $3,791,000 after buying an additional 337 shares during the last quarter. Heritage Trust Co acquired a new position in PACCAR during the fourth quarter worth approximately $2,559,000. Finally, Rockefeller Capital Management L.P. raised its stake in PACCAR by 4.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 16,577 shares of the company’s stock valued at $1,731,000 after acquiring an additional 764 shares during the period. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PCAR. Evercore ISI dropped their price target on PACCAR from $127.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Truist Financial dropped their price target on PACCAR from $102.00 to $98.00 and set a “hold” rating on the stock in a research note on Wednesday, July 23rd. UBS Group upgraded PACCAR from a “sell” rating to a “neutral” rating and increased their price target for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on PACCAR from $95.00 to $97.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Finally, Morgan Stanley cut PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price target on the stock. in a research note on Wednesday, April 16th. Nine analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.77.

PACCAR Stock Up 0.6%

Shares of NASDAQ PCAR opened at $97.34 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81. The stock has a market capitalization of $51.11 billion, a P/E ratio of 16.67, a PEG ratio of 3.88 and a beta of 0.91. The stock’s fifty day moving average is $95.72 and its 200 day moving average is $97.58.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The company had revenue of $6.96 billion for the quarter, compared to analysts’ expectations of $7.02 billion. During the same quarter last year, the business earned $2.13 earnings per share. PACCAR’s revenue was down 15.7% on a year-over-year basis. Sell-side analysts forecast that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be given a $0.33 dividend. The ex-dividend date is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. PACCAR’s dividend payout ratio (DPR) is presently 22.60%.

Insiders Place Their Bets

In related news, CFO Brice J. Poplawski sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total value of $504,700.00. Following the sale, the chief financial officer directly owned 468 shares of the company’s stock, valued at $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO R Preston Feight sold 39,965 shares of the firm’s stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the completion of the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by company insiders.

PACCAR Profile

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