Legal & General Group Plc Acquires New Holdings in PACCAR Inc. $PCAR

Legal & General Group Plc bought a new stake in PACCAR Inc. (NASDAQ:PCAR) in the second quarter, Holdings Channel.com reports. The institutional investor bought 2,795,340 shares of the company’s stock, valued at approximately $335,776,000.

Several other large investors also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company acquired a new position in shares of PACCAR during the 2nd quarter worth $39,062,000. Peak Asset Management LLC acquired a new stake in shares of PACCAR in the 2nd quarter valued at $17,605,000. Fiduciary Financial Advisors acquired a new stake in shares of PACCAR in the 2nd quarter valued at $28,000. L2 Asset Management LLC bought a new stake in PACCAR in the second quarter worth $359,000. Finally, D.B. Root & Company LLC bought a new stake in PACCAR in the second quarter worth $328,000. 64.90% of the stock is owned by institutional investors.

PACCAR Stock Performance

Shares of PCAR opened at $129.22 on Wednesday. The company has a market capitalization of $68.02 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a one year low of $92.25 and a one year high of $139.24. The company’s fifty day moving average price is $126.83 and its 200 day moving average price is $121.90.

PACCAR (NASDAQ:PCAR) last released its quarterly 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 company had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 earnings per share. As a group, analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Dividend Announcement

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, CFO Brice J. Poplawski sold 1,970 shares of PACCAR stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the sale, the chief financial officer directly owned 1,391 shares of the company’s stock, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the completion of the transaction, the vice president directly owned 3,831 shares of the company’s stock, valued at approximately $512,970.90. This trade represents a 43.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 56,842 shares of company stock worth $7,565,677. Corporate insiders own 1.99% of the company’s stock.

PACCAR 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.