Canada Pension Plan Investment Board Invests $91.02 Million in PACCAR Inc. $PCAR

Canada Pension Plan Investment Board bought a new position in shares of PACCAR Inc. (NASDAQ:PCAR) during the second quarter, Holdings Channel.com reports. The fund bought 757,769 shares of the company’s stock, valued at approximately $91,023,000.

Several other hedge funds have also added to or reduced their stakes in PCAR. BlackRock Inc. bought a new position in shares of PACCAR in the second quarter valued at about $4,927,720,000. Norges Bank bought a new stake in shares of PACCAR during the 4th quarter worth about $727,745,000. Bank of New York Mellon Corp bought a new stake in shares of PACCAR during the 2nd quarter worth about $453,107,000. Wellington Management Group LLP grew its stake in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after buying an additional 3,597,283 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in PACCAR in the 2nd quarter valued at about $335,776,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PCAR shares. Wells Fargo & Company raised their price objective on shares of PACCAR from $125.00 to $157.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Evercore set a $139.00 target price on PACCAR in a research report on Monday, May 11th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price target on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Citigroup boosted their price target on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $131.70.

PACCAR Stock Performance

NASDAQ PCAR opened at $129.23 on Thursday. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $68.02 billion, a price-to-earnings ratio of 27.15, a P/E/G ratio of 1.02 and a beta of 0.97. The firm’s 50 day simple moving average is $127.07 and its 200 day simple moving average is $121.91. PACCAR Inc. has a 1 year low of $92.25 and a 1 year high of $139.24.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. The firm had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 earnings per share. As a group, research analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s payout ratio is presently 29.41%.

Insider Buying and Selling at PACCAR

In other news, VP Paulo Henrique Bolgar sold 2,897 shares of PACCAR stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.90, for a total transaction of $387,908.30. Following the transaction, the vice president owned 3,831 shares in the company, valued at approximately $512,970.90. The trade was a 43.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R Preston Feight sold 50,975 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the sale, the chief executive officer directly owned 268,625 shares in the company, valued at approximately $35,745,928.75. This represents a 15.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 56,842 shares of company stock valued at $7,565,677. 1.99% of the stock is owned by insiders.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.