PACCAR Inc. $PCAR Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group reduced its PACCAR stake by 2.3%, selling 20,690 shares and retaining 891,465 shares valued at approximately $107.1 million. Institutional investors and hedge funds collectively own 64.9% of the company.
• Analysts maintain a generally cautious outlook, with two Buy ratings and eleven Holds, producing a consensus rating of “Hold” and an average price target of $132.30. Recent targets range from $131 to $164.
• PACCAR exceeded quarterly expectations, reporting $1.43 in adjusted EPS versus a $1.36 estimate and $7.55 billion in revenue versus a $7.05 billion consensus. The company also pays a quarterly dividend of $0.35, representing a 1.1% annualized yield.

Baird Financial Group Inc. trimmed its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 2.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 891,465 shares of the company's stock after selling 20,690 shares during the quarter. Baird Financial Group Inc. owned about 0.17% of PACCAR worth $107,083,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Paladin Partners LLC acquired a new position in PACCAR during the 2nd quarter valued at about $27,000. MCF Advisors LLC lifted its stake in shares of PACCAR by 57.5% in the 4th quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after acquiring an additional 92 shares during the period. Fiduciary Financial Advisors acquired a new stake in shares of PACCAR in the 2nd quarter worth approximately $28,000. Compass Financial Management LLC bought a new position in shares of PACCAR in the second quarter valued at approximately $28,000. Finally, Steph & Co. bought a new position in shares of PACCAR in the first quarter valued at approximately $29,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCAR has been the topic of several recent analyst reports. Sanford C. Bernstein reissued an "outperform" rating and set a $148.00 target price on shares of PACCAR in a report on Wednesday, July 29th. Wells Fargo & Company upped their price objective on PACCAR from $125.00 to $157.00 and gave the company an "equal weight" rating in a report on Thursday, July 30th. Citigroup upped their price objective on PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Truist Financial lifted their target price on PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of PACCAR from $155.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, PACCAR currently has a consensus rating of "Hold" and an average price target of $132.30.

Insider Activity

In other news, CFO Brice J. Poplawski sold 1,970 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $132.50, for a total value of $261,025.00. Following the completion of the sale, the chief financial officer owned 1,391 shares of the company's stock, valued at $184,307.50. This trade represents a 58.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP William Lance Walters sold 1,000 shares of PACCAR stock in a transaction on Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 56,842 shares of company stock worth $7,565,677. Company insiders own 1.99% of the company's stock.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $122.50 on Wednesday. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $64.48 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 1.43 and a beta of 0.96. The stock's fifty day simple moving average is $127.93 and its 200 day simple moving average is $121.73. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $139.24.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter in the previous year, the company earned $1.37 EPS. The business's revenue for the quarter was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that PACCAR Inc. will post 5.91 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

PACCAR Company Profile

PACCAR Inc is a global manufacturer of heavy-duty, medium-duty and light-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company serves the over-the-road, vocational and construction markets, offering vehicles designed for freight transportation and other commercial applications.

In addition to truck manufacturing, PACCAR operates PACCAR Parts, which distributes replacement parts and related services through a global network. The company also provides truck financing and leasing through PACCAR Financial, supporting customers and dealers in several major markets.

PACCAR traces its history to 1905 and has grown from a regional equipment manufacturer into an international transportation company.

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