Evergreen Capital Management LLC Trims Stock Position in PACCAR Inc. $PCAR

Key Points

• Evergreen Capital Management LLC reduced its position in PACCAR Inc. by 3.0%, now holding 673,454 shares, representing 2.2% of its total investments and making PACCAR its third-largest position.
• PACCAR's latest earnings report revealed $1.37 earnings per share, surpassing analyst expectations but showing a year-over-year revenue decline of 15.7%.
• The company recently announced a quarterly dividend of $0.33 per share, reflecting a sustainable payout ratio of 22.60% and a dividend yield of 1.3%.

Evergreen Capital Management LLC lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 673,454 shares of the company's stock after selling 21,017 shares during the period. PACCAR accounts for approximately 2.2% of Evergreen Capital Management LLC's investment portfolio, making the stock its 3rd biggest holding. Evergreen Capital Management LLC owned approximately 0.13% of PACCAR worth $65,574,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. grew its position in PACCAR by 666.7% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock worth $27,000 after buying an additional 240 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in PACCAR during the first quarter worth approximately $29,000. Sunbelt Securities Inc. grew its position in PACCAR by 8,750.0% during the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after buying an additional 350 shares in the last quarter. Bayforest Capital Ltd grew its position in PACCAR by 234.2% during the first quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock worth $38,000 after buying an additional 274 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new stake in PACCAR during the first quarter worth approximately $40,000. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PCAR shares. Vertical Research raised PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Evercore ISI set a $114.00 target price on PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Citigroup raised their target price on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Royal Bank Of Canada reduced their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Finally, Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Two equities 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 company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $107.68.

Insider Transactions at PACCAR

In related 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 transaction, the chief executive officer owned 223,190 shares in the company, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brice J. Poplawski sold 5,000 shares of the company'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 value of $504,700.00. Following the completion of the transaction, the chief financial officer owned 468 shares in the company, valued at approximately $47,239.92. The trade was a 91.44% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

PACCAR Stock Down 1.1%

PACCAR stock traded down $1.12 during midday trading on Tuesday, reaching $98.86. The stock had a trading volume of 2,690,954 shares, compared to its average volume of 2,853,186. The company has a market capitalization of $51.91 billion, a P/E ratio of 16.93, a PEG ratio of 4.01 and a beta of 0.94. 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 12 month low of $84.65 and a 12 month high of $118.81. The company has a fifty day moving average price of $97.96 and a two-hundred day moving average price of $96.47.

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, beating analysts' consensus estimates of $1.28 by $0.09. The business had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The company's quarterly revenue was down 15.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.13 EPS. As a group, equities analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared 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. The ex-dividend date is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.3%. PACCAR's payout ratio is 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.