Neuberger Berman Group LLC Has $44.44 Million Position in PACCAR Inc. (NASDAQ:PCAR)

Key Points

• Neuberger Berman Group LLC has reduced its stake in PACCAR Inc. by 24.7%, now holding approximately 0.09% of the company, worth $44.44 million.
• PACCAR's recent quarterly earnings surpassed analyst estimates, reporting $1.37 earnings per share, although revenue fell 15.7% year-over-year, totaling $6.96 billion.
• The company declared a quarterly dividend of $0.33, resulting in an annualized dividend yield of 1.3%, with the ex-dividend date set for August 14th.

Neuberger Berman Group LLC reduced its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 24.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 456,065 shares of the company's stock after selling 149,818 shares during the quarter. Neuberger Berman Group LLC owned 0.09% of PACCAR worth $44,436,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in PACCAR by 15.1% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 794,946 shares of the company's stock worth $77,404,000 after acquiring an additional 104,281 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of PACCAR by 62.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock valued at $3,533,000 after purchasing an additional 13,904 shares during the period. China Universal Asset Management Co. Ltd. raised its position in shares of PACCAR by 51.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock valued at $1,262,000 after purchasing an additional 4,429 shares during the period. Moran Wealth Management LLC raised its position in shares of PACCAR by 28.8% in the first quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock valued at $22,898,000 after purchasing an additional 52,525 shares during the period. Finally, Stack Financial Management Inc bought a new position in shares of PACCAR in the first quarter valued at about $20,585,000. 64.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PCAR. Citigroup increased their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and raised their price target for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Wall Street Zen raised shares of PACCAR from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Truist Financial reduced their price objective on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a research note on Wednesday, July 23rd. Finally, Argus upgraded shares of PACCAR from a "hold" rating to a "buy" rating and set a $121.00 price objective on the stock in a research note on Monday, July 28th. Nine equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $107.77.

PACCAR Trading Down 1.5%

NASDAQ:PCAR traded down $1.47 during mid-day trading on Friday, hitting $98.22. 1,830,450 shares of the company's stock were exchanged, compared to its average volume of 3,295,420. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The company has a 50 day simple moving average of $96.34 and a 200-day simple moving average of $97.12. The firm has a market capitalization of $51.58 billion, a P/E ratio of 16.82, a PEG ratio of 3.94 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (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 analyst estimates of $7.02 billion. During the same quarter last year, the business earned $2.13 EPS. The company's revenue was down 15.7% compared to the same quarter last year. As a group, research analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be paid a $0.33 dividend. The ex-dividend date is Thursday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. PACCAR's payout ratio is currently 22.60%.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction on Friday, July 25th. The shares were 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 owned 468 shares in the company, 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 is available through this link. Also, CEO R Preston Feight sold 39,965 shares of PACCAR 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 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 position. The disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

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.