State of Michigan Retirement System Buys 2,800 Shares of PACCAR Inc. $PCAR

State of Michigan Retirement System raised its stake in PACCAR Inc. (NASDAQ:PCAR) by 1.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,066 shares of the company’s stock after acquiring an additional 2,800 shares during the quarter. State of Michigan Retirement System’s holdings in PACCAR were worth $15,311,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. lifted its holdings in shares of PACCAR by 53.8% in the second quarter. Hazlett Burt & Watson Inc. now owns 286 shares of the company’s stock worth $28,000 after acquiring an additional 100 shares during the last quarter. Bayforest Capital Ltd lifted its holdings in shares of PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company’s stock worth $38,000 after acquiring an additional 274 shares during the last quarter. Accent Capital Management LLC bought a new position in shares of PACCAR in the first quarter worth about $40,000. Hantz Financial Services Inc. lifted its holdings in shares of PACCAR by 43.8% in the second quarter. Hantz Financial Services Inc. now owns 440 shares of the company’s stock worth $42,000 after acquiring an additional 134 shares during the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new position in PACCAR in the 2nd quarter valued at approximately $43,000. Institutional investors own 64.90% of the company’s stock.

Wall Street Analyst Weigh In

PCAR has been the subject of a number of research reports. Argus upgraded shares of PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Monday, July 28th. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. JPMorgan Chase & Co. raised their price objective on shares of PACCAR from $103.00 to $108.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Vertical Research upgraded shares of PACCAR to a “strong-buy” rating in a report on Wednesday, July 23rd. Finally, Wolfe Research upgraded shares of PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $106.59.

Insiders Place Their Bets

In other news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $101.15, for a total transaction of $340,774.35. Following the completion of the sale, the chief financial officer owned 468 shares of the company’s stock, valued at $47,338.20. This trade represents a 87.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.02% of the company’s stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $98.40 on Monday. The company has a market capitalization of $51.67 billion, a PE ratio of 19.26, a P/E/G ratio of 4.11 and a beta of 0.94. The company has a 50 day simple moving average of $98.53 and a two-hundred day simple moving average of $96.16. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.51 and a current ratio of 1.82. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The firm had revenue of $6.67 billion for the quarter, compared to analyst estimates of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.85 EPS. Research analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, November 12th. PACCAR’s dividend payout ratio is currently 25.83%.

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.