Baird Financial Group Inc. Cuts Position in PACCAR Inc. $PCAR

Key Points

• Baird Financial Group Inc. reduced its holdings in PACCAR Inc. by 2.7%, selling 27,733 shares and holding a total of 997,988 shares valued at approximately $97.17 million as of the end of the most recent quarter.
• PACCAR's CEO, R. Preston Feight, sold 39,965 shares of the company, decreasing his ownership by 15.19%, while the CFO also significantly reduced their stake.
• The company reported earnings of $1.37 per share, exceeding analysts' estimates, but with a 15.7% drop in revenue year-over-year, totaling $6.96 billion for the quarter.

Baird Financial Group Inc. lowered its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 997,988 shares of the company's stock after selling 27,733 shares during the period. Baird Financial Group Inc. owned 0.19% of PACCAR worth $97,174,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in PACCAR by 1.8% during the first quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after buying an additional 1,113,520 shares during the last quarter. Wellington Management Group LLP grew its holdings in PACCAR by 20.1% during the 1st quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company's stock worth $1,964,725,000 after acquiring an additional 3,379,165 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of PACCAR by 9.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock worth $1,144,578,000 after acquiring an additional 987,805 shares in the last quarter. Northern Trust Corp lifted its stake in shares of PACCAR by 0.5% in the 1st quarter. Northern Trust Corp now owns 7,239,967 shares of the company's stock valued at $704,956,000 after purchasing an additional 37,609 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of PACCAR by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,104,056 shares of the company's stock valued at $594,277,000 after purchasing an additional 97,197 shares during the period. 64.90% of the stock is owned by institutional investors.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 39,965 shares of the stock in a transaction 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 completion of the sale, the chief executive officer directly owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the firm's stock in a transaction 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 transaction, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PCAR. JPMorgan Chase & Co. raised their target price on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Vertical Research upgraded shares of PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Evercore ISI set a $114.00 target price on shares of PACCAR and gave the company an "outperform" rating in a research report on Tuesday, August 19th. Truist Financial cut their target price on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday, July 23rd. Finally, UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and lifted their price target for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $107.68.

PACCAR Stock Down 1.1%

Shares of NASDAQ:PCAR traded down $1.12 during midday trading on Tuesday, hitting $98.86. 2,691,033 shares of the company's stock were exchanged, compared to its average volume of 2,853,233. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a market cap of $51.91 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 4.01 and a beta of 0.94. The stock has a 50 day moving average price of $97.96 and a 200-day moving average price of $96.47.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. The business had revenue of $6.96 billion for the quarter, compared to analysts' expectations of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The firm's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.13 EPS. On average, sell-side analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR's dividend payout ratio is 22.60%.

About PACCAR

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.