First Trust Advisors LP Sells 449,527 Shares of PACCAR Inc. $PCAR

Key Points

• First Trust Advisors LP cut its PACCAR stake by 11.1% in the first quarter, selling 449,527 shares and ending with 3.61 million shares valued at about $416.4 million.
• PACCAR reported Q1 earnings of $1.15 per share, matching Wall Street expectations, while revenue came in at $6.78 billion, ahead of estimates but down 9.8% year over year.
• The company declared a quarterly dividend of $0.35 per share, payable Sept. 2, and analysts currently have an average Hold rating with a consensus target price of $124.18.

First Trust Advisors LP decreased its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,605,471 shares of the company's stock after selling 449,527 shares during the period. First Trust Advisors LP owned approximately 0.69% of PACCAR worth $416,432,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PCAR. Nomura Asset Management Co. Ltd. boosted its stake in shares of PACCAR by 2.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company's stock valued at $45,281,000 after purchasing an additional 9,524 shares in the last quarter. Nordea Investment Management AB raised its stake in PACCAR by 12.6% in the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company's stock worth $13,487,000 after buying an additional 13,668 shares in the last quarter. Merit Financial Group LLC lifted its holdings in PACCAR by 165.8% in the fourth quarter. Merit Financial Group LLC now owns 24,319 shares of the company's stock worth $2,663,000 after buying an additional 15,169 shares during the period. Vanguard Group Inc. lifted its holdings in PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company's stock worth $6,951,172,000 after buying an additional 363,782 shares during the period. Finally, Swiss Life Asset Management Ltd boosted its position in PACCAR by 118.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company's stock valued at $69,943,000 after acquiring an additional 345,937 shares in the last quarter. Institutional investors own 64.90% of the company's stock.

PACCAR Stock Up 1.5%

PCAR opened at $126.25 on Wednesday. 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 firm has a 50 day moving average price of $117.82 and a 200-day moving average price of $119.87. PACCAR Inc. has a twelve month low of $92.25 and a twelve month high of $131.88. The stock has a market capitalization of $66.44 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 1.14 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting analysts' consensus estimates of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The company had revenue of $6.78 billion during the quarter, compared to analysts' expectations of $6.44 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. PACCAR's revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts forecast that PACCAR Inc. will post 5.66 earnings per share for the current year.

PACCAR Announces Dividend

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

Analyst Ratings Changes

A number of research firms have issued reports on PCAR. Weiss Ratings downgraded PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Wells Fargo & Company set a $125.00 price target on shares of PACCAR and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. upped their price objective on shares of PACCAR from $140.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Morgan Stanley lifted their target price on shares of PACCAR from $109.00 to $113.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Finally, Evercore set a $139.00 price objective on PACCAR in a research note on Monday, May 11th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $124.18.

About PACCAR

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.

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