State Street Corp Acquires 218,188 Shares of PACCAR Inc. $PCAR

State Street Corp raised its holdings in PACCAR Inc. (NASDAQ:PCAR) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,534,596 shares of the company’s stock after buying an additional 218,188 shares during the quarter. State Street Corp owned 4.29% of PACCAR worth $2,142,139,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCAR. FORA Capital LLC bought a new stake in PACCAR in the 1st quarter valued at about $597,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in PACCAR by 77.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 238,074 shares of the company’s stock worth $22,631,000 after acquiring an additional 103,664 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in PACCAR by 46.0% in the second quarter. Assenagon Asset Management S.A. now owns 280,895 shares of the company’s stock valued at $26,702,000 after acquiring an additional 88,551 shares during the period. JT Stratford LLC bought a new stake in shares of PACCAR during the second quarter valued at approximately $1,301,000. Finally, Jump Financial LLC increased its holdings in shares of PACCAR by 757.1% during the first quarter. Jump Financial LLC now owns 55,263 shares of the company’s stock valued at $5,381,000 after acquiring an additional 48,815 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

PACCAR Price Performance

PCAR opened at $108.91 on Wednesday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $116.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91. The company has a market capitalization of $57.20 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 15.01 and a beta of 1.01. The firm’s fifty day moving average price is $99.73 and its two-hundred day moving average price is $98.02.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter in the prior year, the company earned $1.85 EPS. The business’s revenue for the quarter was down 20.7% on a year-over-year basis. As a group, analysts anticipate that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.2%. PACCAR’s payout ratio is currently 25.83%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PCAR shares. Zacks Research downgraded shares of PACCAR from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $103.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Wall Street Zen downgraded shares of PACCAR from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Finally, UBS Group set a $103.00 target price on shares of PACCAR and gave the stock a “neutral” rating in a report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $107.96.

Insider Transactions at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was 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 directly 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 document filed with the SEC, which is available through the SEC website. 2.02% of the stock is owned by company insiders.

PACCAR Company 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.