Louisiana State Employees Retirement System Makes New Investment in PACCAR Inc. $PCAR

Louisiana State Employees Retirement System acquired a new stake in PACCAR Inc. (NASDAQ:PCAR) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 61,300 shares of the company’s stock, valued at approximately $7,080,000.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in PACCAR during the fourth quarter valued at about $727,745,000. Wellington Management Group LLP raised 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 acquiring an additional 3,597,283 shares during the period. UBS Group AG lifted its stake in shares of PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after buying an additional 1,940,260 shares in the last quarter. American Century Companies Inc. raised its holdings in PACCAR by 235.9% during the 3rd quarter. American Century Companies Inc. now owns 2,540,688 shares of the company’s stock valued at $249,801,000 after acquiring an additional 1,784,236 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of PACCAR by 129.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company’s stock worth $249,237,000 after acquiring an additional 1,286,056 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Truist Financial raised their price target on PACCAR from $120.00 to $126.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Wells Fargo & Company set a $125.00 price objective on PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Citigroup reaffirmed a “neutral” rating and set a $125.00 target price (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average price target of $122.00.

PACCAR Stock Up 4.0%

PCAR stock opened at $121.68 on Friday. The company’s 50 day moving average is $117.01 and its 200 day moving average is $118.40. The stock has a market cap of $64.04 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. Sell-side analysts predict that PACCAR Inc. will post 5.59 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were paid a $0.35 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, May 13th. PACCAR’s payout ratio is currently 29.79%.

PACCAR Company Profile

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.