Gulf International Bank UK Ltd Sells 8,876 Shares of PACCAR Inc. (NASDAQ:PCAR)

Key Points

• Gulf International Bank UK Ltd reduced its stake in PACCAR Inc. by 22.4%, selling 8,876 shares during the first quarter, leaving them with 30,775 shares valued at approximately $2.99 million.
• PACCAR's most recent earnings report showed a decrease in revenue of 15.7% year-over-year, with earnings per share (EPS) of $1.37, surpassing the expected EPS of $1.28.
• The company announced a quarterly dividend of $0.33, which will be paid on September 4th, representing a 1.3% dividend yield based on the annualized rate.

Gulf International Bank UK Ltd decreased its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 22.4% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,775 shares of the company's stock after selling 8,876 shares during the period. Gulf International Bank UK Ltd's holdings in PACCAR were worth $2,996,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. National Pension Service boosted its stake in shares of PACCAR by 9.9% in the 1st quarter. National Pension Service now owns 1,590,669 shares of the company's stock valued at $154,883,000 after purchasing an additional 142,977 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its stake in shares of PACCAR by 8.9% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 166,949 shares of the company's stock valued at $16,244,000 after purchasing an additional 13,655 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. boosted its stake in shares of PACCAR by 1,250.0% in the 1st quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. now owns 2,700 shares of the company's stock valued at $263,000 after purchasing an additional 2,500 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of PACCAR by 8.7% in the 1st quarter. Public Sector Pension Investment Board now owns 71,369 shares of the company's stock valued at $6,949,000 after purchasing an additional 5,700 shares in the last quarter. Finally, AIA Group Ltd boosted its stake in shares of PACCAR by 126.6% in the 1st quarter. AIA Group Ltd now owns 36,772 shares of the company's stock valued at $3,580,000 after purchasing an additional 20,544 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Trading Down 1.5%

Shares of NASDAQ:PCAR traded down $1.47 on Friday, hitting $98.22. The company had a trading volume of 1,830,450 shares, compared to its average volume of 3,295,420. The firm's 50-day simple moving average is $96.34 and its two-hundred day simple moving average is $97.12. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $51.58 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 3.94 and a beta of 0.91.

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

PACCAR Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PCAR shares. Citigroup upped their price objective 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. Argus raised shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price target for the company in a research report on Monday, July 28th. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Truist Financial dropped their price target on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research report on Wednesday, July 23rd. Nine equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.77.

Insider Activity

In related news, CEO R Preston Feight sold 39,965 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the completion of the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brice J. Poplawski sold 5,000 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the completion of the transaction, the chief financial officer owned 468 shares of the company's stock, valued at approximately $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

PACCAR Company 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.