PACCAR Inc. $PCAR Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors slightly reduced its PACCAR stake by 0.2% in the first quarter, but still held 5.15 million shares valued at about $594.3 million.
• PACCAR’s latest quarterly earnings matched analyst EPS estimates at $1.15, while revenue came in above expectations at $6.78 billion, though revenue fell 9.8% year over year.
• The company declared a quarterly dividend of $0.35 per share and received mixed analyst sentiment, with a consensus rating of Hold and an average price target of $124.18.

Dimensional Fund Advisors LP trimmed its stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 0.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,146,495 shares of the company's stock after selling 12,184 shares during the period. Dimensional Fund Advisors LP owned 0.98% of PACCAR worth $594,303,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PCAR. Norges Bank acquired a new position in shares of PACCAR during the 4th quarter worth approximately $727,745,000. Wellington Management Group LLP increased its stake in shares of PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company's stock worth $2,516,272,000 after buying an additional 3,597,283 shares during the period. UBS Group AG raised its stake in PACCAR by 74.4% in the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company's stock valued at $498,146,000 after buying an additional 1,940,260 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in PACCAR by 129.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company's stock worth $249,237,000 after purchasing an additional 1,286,056 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in PACCAR by 17,292.6% during the 4th quarter. Focus Partners Wealth now owns 1,202,700 shares of the company's stock worth $131,725,000 after acquiring an additional 1,195,785 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

PACCAR Stock Performance

NASDAQ:PCAR opened at $124.33 on Tuesday. The firm's fifty day moving average price is $117.55 and its 200 day moving average price is $119.75. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $131.88. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The firm has a market cap of $65.43 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts' consensus estimates of $1.15. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. PACCAR's quarterly revenue was down 9.8% on a year-over-year basis. On average, sell-side analysts expect that PACCAR Inc. will post 5.65 EPS for the current year.

PACCAR Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial upped their target price on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Citigroup reissued a "neutral" rating and issued a $125.00 price objective (down from $130.00) on shares of PACCAR in a report on Thursday, April 30th. Morgan Stanley raised their target price on shares of PACCAR from $109.00 to $113.00 and gave the stock an "equal weight" rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of PACCAR from $140.00 to $155.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Finally, Evercore set a $139.00 price target on shares of 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 given a Hold rating to the company's stock. According to data from MarketBeat, PACCAR has an average rating of "Hold" and a consensus price target of $124.18.

PACCAR Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.