Adage Capital Partners GP L.L.C. Sells 11,300 Shares of PACCAR Inc. $PCAR

Key Points

• Adage Capital Partners GP L.L.C. decreased its stake in PACCAR Inc. (NASDAQ:PCAR) by 2.3% during Q1, selling 11,300 shares to own 478,598 shares valued at approximately $46.6 million.
• PACCAR reported an earnings per share (EPS) of $1.37 for the latest quarter, beating analyst estimates, but its revenue decreased by 15.7% year-over-year.
• The company recently announced a quarterly dividend of $0.33 per share, with a dividend yield of 1.4%, payable on September 4th.

Adage Capital Partners GP L.L.C. lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 478,598 shares of the company's stock after selling 11,300 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.09% of PACCAR worth $46,601,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in PCAR. Farmers & Merchants Investments Inc. lifted its holdings in shares of PACCAR by 33.1% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 466 shares of the company's stock valued at $45,000 after buying an additional 116 shares during the last quarter. RMR Wealth Builders lifted its position in PACCAR by 1.4% in the 1st quarter. RMR Wealth Builders now owns 8,713 shares of the company's stock valued at $848,000 after acquiring an additional 122 shares in the last quarter. Applied Capital LLC FL boosted its position in PACCAR by 0.5% during the 1st quarter. Applied Capital LLC FL now owns 25,210 shares of the company's stock worth $2,455,000 after acquiring an additional 124 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of PACCAR by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 45,087 shares of the company's stock worth $4,390,000 after acquiring an additional 130 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC grew its holdings in PACCAR by 5.9% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,341 shares of the company's stock valued at $228,000 after buying an additional 130 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the completion of the sale, the chief financial officer directly owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

PACCAR Price Performance

Shares of PCAR traded down $0.80 during mid-day trading on Monday, hitting $98.25. 1,742,345 shares of the stock were exchanged, compared to its average volume of 2,832,588. The company has a market cap of $51.59 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 3.98 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The firm has a 50-day moving average of $98.25 and a two-hundred day moving average of $96.23. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.28 by $0.09. The firm had revenue of $6.96 billion during the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The business's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 EPS. On average, equities analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th were given a dividend of $0.33 per share. The ex-dividend date was Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR's payout ratio is 22.60%.

Wall Street Analyst Weigh In

PCAR has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $81.00 to $100.00 in a report on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating in a report on Wednesday, July 23rd. Citigroup raised their price objective on shares of PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Finally, Wall Street Zen upgraded PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, PACCAR presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR Company Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.