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New York State Common Retirement Fund Grows Stock Position in PACCAR Inc (NASDAQ:PCAR)

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New York State Common Retirement Fund grew its position in PACCAR Inc (NASDAQ:PCAR) by 9.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 490,854 shares of the company’s stock after acquiring an additional 42,774 shares during the quarter. New York State Common Retirement Fund owned about 0.14% of PACCAR worth $38,738,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Man Group plc increased its holdings in shares of PACCAR by 182.7% in the second quarter. Man Group plc now owns 248,413 shares of the company’s stock valued at $22,171,000 after purchasing an additional 160,541 shares during the last quarter. Westpac Banking Corp increased its holdings in shares of PACCAR by 4.8% in the third quarter. Westpac Banking Corp now owns 34,332 shares of the company’s stock valued at $2,709,000 after purchasing an additional 1,564 shares during the last quarter. Salem Capital Management Inc. increased its holdings in shares of PACCAR by 575.9% in the third quarter. Salem Capital Management Inc. now owns 45,622 shares of the company’s stock valued at $3,600,000 after purchasing an additional 38,872 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of PACCAR by 3.3% in the second quarter. Envestnet Asset Management Inc. now owns 194,343 shares of the company’s stock valued at $17,345,000 after purchasing an additional 6,263 shares during the last quarter. Finally, Madison Asset Management LLC increased its holdings in shares of PACCAR by 84.1% in the second quarter. Madison Asset Management LLC now owns 1,143,609 shares of the company’s stock valued at $102,067,000 after purchasing an additional 522,529 shares during the last quarter. 62.43% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ PCAR opened at $84.95 on Monday. PACCAR Inc has a 12-month low of $77.96 and a 12-month high of $103.19. The company has a market cap of $29.49 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.61 and a beta of 0.97. The company has a current ratio of 2.67, a quick ratio of 2.33 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average price of $87.44 and a 200 day moving average price of $85.41.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 26th. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.12). PACCAR had a net margin of 7.80% and a return on equity of 16.01%. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same quarter in the prior year, the company posted $1.11 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts forecast that PACCAR Inc will post 5.17 EPS for the current fiscal year.

The firm also recently announced a None dividend, which will be paid on Wednesday, January 5th. Stockholders of record on Friday, December 17th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, December 16th. This is an increase from PACCAR’s previous None dividend of $0.70. PACCAR’s dividend payout ratio (DPR) is currently 27.15%.

Several equities research analysts have issued reports on the company. Sanford C. Bernstein raised PACCAR from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $94.00 to $98.00 in a research note on Wednesday, December 22nd. Raymond James cut their target price on PACCAR from $115.00 to $105.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 20th. Wolfe Research raised PACCAR from a “peer perform” rating to an “outperform” rating and set a $96.00 target price for the company in a research note on Tuesday, October 5th. Citigroup raised their target price on PACCAR from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, October 12th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on PACCAR from $93.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, October 5th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $101.00.

In other PACCAR news, VP Todd R. Hubbard sold 526 shares of the firm’s stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $90.06, for a total value of $47,371.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Harrie Schippers sold 14,572 shares of the firm’s stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $90.17, for a total transaction of $1,313,957.24. The disclosure for this sale can be found here. 2.05% of the stock is owned by company insiders.

About PACCAR

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.

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