Cresset Asset Management LLC Sells 29,592 Shares of PACCAR Inc. $PCAR

Key Points

• Cresset Asset Management LLC significantly reduced its stake in PACCAR Inc. by 81.8%, holding now 6,580 shares valued at $641,000 after selling 29,592 shares.
• PACCAR reported earnings of $1.37 per share, exceeding estimates of $1.28, but experienced a 15.7% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.33 per share, translating to an annualized yield of 1.3% with a payout ratio of 22.60%.

Cresset Asset Management LLC decreased its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,580 shares of the company's stock after selling 29,592 shares during the quarter. Cresset Asset Management LLC's holdings in PACCAR were worth $641,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of PACCAR by 666.7% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock valued at $27,000 after buying an additional 240 shares during the period. Alpine Bank Wealth Management bought a new stake in PACCAR in the first quarter valued at approximately $29,000. Sunbelt Securities Inc. boosted its holdings in PACCAR by 8,750.0% in the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock valued at $37,000 after acquiring an additional 350 shares during the last quarter. Bayforest Capital Ltd boosted its holdings in PACCAR by 234.2% in the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock valued at $38,000 after acquiring an additional 274 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in PACCAR in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PCAR. Argus upgraded PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a report on Monday, July 28th. Citigroup increased their price target on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and increased their price target for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Evercore ISI set a $114.00 price target on PACCAR and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Finally, Royal Bank Of Canada lowered their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $107.68.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the company's 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 completion of the sale, the chief executive officer owned 223,190 shares of the company's stock, valued at $22,211,868.80. This represents a 15.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was 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 of the company's stock, valued at approximately $47,239.92. This represents a 91.44% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate insiders.

PACCAR Stock Performance

Shares of PACCAR stock traded down $0.99 during trading hours on Monday, hitting $100.51. 2,333,680 shares of the company's stock traded hands, compared to its average volume of 2,423,486. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81. The stock has a market capitalization of $52.78 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 4.07 and a beta of 0.91. The company has a fifty day simple moving average of $96.87 and a 200-day simple moving average of $96.68. 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 (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, beating 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 was down 15.7% compared to the same quarter last year. During the same period last year, the firm posted $2.13 EPS. Equities research analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company 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 $0.33 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR's dividend payout ratio is currently 22.60%.

PACCAR 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.