Bartlett & CO. Wealth Management LLC Trims Holdings in PACCAR Inc. $PCAR

Key Points

• Bartlett & CO. Wealth Management cut its PACCAR stake by 43.2% in the first quarter, selling 8,051 shares and leaving it with 10,587 shares valued at about $1.21 million.
• PACCAR reported Q1 earnings of $1.15 per share, matching analyst expectations, while revenue of $6.78 billion topped estimates but fell 9.8% from a year earlier.
• The company declared a quarterly dividend of $0.35 per share, payable September 2, representing an annualized yield of about 1.1%; Wall Street currently has a Hold consensus on the stock.

Bartlett & CO. Wealth Management LLC lowered its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 43.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,587 shares of the company's stock after selling 8,051 shares during the quarter. Bartlett & CO. Wealth Management LLC's holdings in PACCAR were worth $1,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Deseret Mutual Benefit Administrators grew its holdings in PACCAR by 9.9% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company's stock worth $97,000 after acquiring an additional 80 shares in the last quarter. Gulf International Bank UK Ltd increased its position in shares of PACCAR by 0.3% in the 4th quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company's stock worth $2,869,000 after purchasing an additional 81 shares during the last quarter. CYBER HORNET ETFs LLC raised its stake in shares of PACCAR by 6.2% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company's stock valued at $163,000 after purchasing an additional 87 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of PACCAR by 3.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company's stock worth $317,000 after purchasing an additional 87 shares during the last quarter. Finally, Jackson Square Capital LLC lifted its position in shares of PACCAR by 3.5% during the fourth quarter. Jackson Square Capital LLC now owns 2,650 shares of the company's stock worth $290,000 after purchasing an additional 90 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

PACCAR Price Performance

PCAR opened at $126.20 on Friday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The company's 50-day moving average price is $117.32 and its 200 day moving average price is $119.60. PACCAR Inc. has a fifty-two week low of $92.25 and a fifty-two week high of $131.88. The firm has a market cap of $66.42 billion, a price-to-earnings ratio of 26.85, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting analysts' consensus estimates of $1.15. The company had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.PACCAR's quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. As a group, sell-side analysts expect that PACCAR Inc. will post 5.65 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR's payout ratio is currently 29.79%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PCAR. BNP Paribas Exane started coverage on PACCAR in a report on Tuesday, March 31st. They issued a "neutral" rating and a $126.00 price objective for the company. Evercore set a $139.00 target price on PACCAR in a report on Monday, May 11th. Truist Financial lifted their target price on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Citigroup reiterated a "neutral" rating and issued a $125.00 price target (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Finally, Wells Fargo & Company set a $125.00 price target on PACCAR and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $124.18.

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.

Want to see what other hedge funds are holding PCAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PACCAR Inc. (NASDAQ:PCAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.