Bristlecone Advisors LLC Has $4.21 Million Position in PACCAR Inc. (NASDAQ:PCAR)

Key Points

• Bristlecone Advisors LLC has reduced its stake in PACCAR Inc. by 57.8%, holding now 43,271 shares valued at approximately $4.21 million.
• Multiple hedge funds, including Vanguard Group Inc. and Massachusetts Financial Services Co., have increased their positions in PACCAR, indicating growing institutional interest.
• PACCAR recently announced a quarterly dividend of $0.33 per share, set to be paid on September 4th, with an annualized yield of 1.4%.

Bristlecone Advisors LLC decreased its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 57.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,271 shares of the company's stock after selling 59,178 shares during the quarter. Bristlecone Advisors LLC's holdings in PACCAR were worth $4,213,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in PACCAR by 1.8% in the first quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after purchasing an additional 1,113,520 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in PACCAR by 9.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock valued at $1,144,578,000 after buying an additional 987,805 shares during the period. Northern Trust Corp boosted its stake in PACCAR by 8.5% in the fourth quarter. Northern Trust Corp now owns 7,202,358 shares of the company's stock valued at $749,189,000 after acquiring an additional 565,967 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in PACCAR by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,006,859 shares of the company's stock worth $624,836,000 after acquiring an additional 313,292 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in shares of PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock valued at $557,453,000 after acquiring an additional 4,219,964 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on PCAR. Evercore ISI dropped their price objective on PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Morgan Stanley lowered shares of PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 price objective on the stock. in a research note on Wednesday, April 16th. Citigroup upped their target price on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Vertical Research upgraded shares of PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Finally, Royal Bank Of Canada dropped their price objective on PACCAR from $106.00 to $97.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Nine research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.77.

Insider Buying and Selling at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of the business'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 transaction of $504,700.00. Following the sale, the chief financial officer directly owned 468 shares of the company's stock, valued at $47,239.92. The trade was a 91.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Trading Down 0.6%

PACCAR stock opened at $96.77 on Friday. The stock has a 50-day simple moving average of $95.66 and a 200 day simple moving average of $97.67. The stock has a market capitalization of $50.81 billion, a P/E ratio of 16.57, a PEG ratio of 3.91 and a beta of 0.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. 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 posted its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The business had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. During the same period in the previous year, the firm earned $2.13 EPS. The firm's revenue was down 15.7% compared to the same quarter last year. Analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's payout ratio is presently 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.

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