State Board of Administration of Florida Retirement System Lowers Stock Position in PACCAR Inc (NASDAQ:PCAR)

State Board of Administration of Florida Retirement System lessened its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 457,324 shares of the company’s stock after selling 7,054 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.13% of PACCAR worth $40,816,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Ameritas Investment Company LLC purchased a new position in PACCAR during the first quarter worth about $25,000. Wealthcare Advisory Partners LLC acquired a new stake in shares of PACCAR during the first quarter worth about $28,000. First Horizon Advisors Inc. lifted its position in shares of PACCAR by 82.2% during the first quarter. First Horizon Advisors Inc. now owns 388 shares of the company’s stock worth $35,000 after purchasing an additional 175 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of PACCAR during the second quarter worth about $58,000. Finally, Penserra Capital Management LLC lifted its position in shares of PACCAR by 18.8% during the first quarter. Penserra Capital Management LLC now owns 859 shares of the company’s stock worth $79,000 after purchasing an additional 136 shares in the last quarter. 62.58% of the stock is owned by institutional investors.

Shares of PACCAR stock opened at $83.93 on Wednesday. The firm has a market capitalization of $29.14 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.46 and a beta of 0.97. PACCAR Inc has a 52 week low of $79.05 and a 52 week high of $103.19. The company has a quick ratio of 2.31, a current ratio of 2.57 and a debt-to-equity ratio of 0.64. The firm’s 50 day moving average is $83.55 and its two-hundred day moving average is $89.28.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 27th. The company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.02. The company had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.50 billion. PACCAR had a net margin of 7.90% and a return on equity of 16.52%. The firm’s revenue was up 99.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, research analysts expect that PACCAR Inc will post 5.73 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 7th. Shareholders of record on Tuesday, November 16th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.62%. PACCAR’s dividend payout ratio is currently 36.36%.

Several analysts have recently issued reports on PCAR shares. JPMorgan Chase & Co. raised shares of PACCAR from a “neutral” rating to an “overweight” rating and set a $112.00 price target on the stock in a research report on Tuesday, July 13th. Morgan Stanley reduced their price target on shares of PACCAR from $103.00 to $96.00 and set an “equal weight” rating on the stock in a research report on Monday, August 2nd. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Thursday, July 15th. Vertical Research raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Tuesday, July 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of PACCAR from $95.00 to $93.00 and set a “hold” rating on the stock in a report on Wednesday, July 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.08.

PACCAR Profile

PACCAR, Inc is a global technology company, which engages in the design and manufacture of light, medium, and heavy-duty trucks. It operates through the following segments: Truck, Parts and Financial Services. The Truck segment designs and manufactures heavy, medium, and light duty diesel trucks which are marketed under the Kenworth, Peterbilt, and DAF brands.

Further Reading: Cost of Goods Sold (COGS)

Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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