PACCAR Inc. $PCAR Position Cut by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its holdings in PACCAR Inc. by 4.3%, owning 280,141 shares worth approximately $27.3 million after selling 12,498 shares during the first quarter.
• PACCAR reported $1.37 EPS for the quarter, exceeding analysts' expectations of $1.28, although its revenue decreased by 15.7% year-over-year to $6.96 billion.
• The company announced a quarterly dividend of $0.33 per share, payable on September 4th, with a dividend yield of 1.3% and a payout ratio of 22.60%.

Raymond James Financial Inc. cut its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 280,141 shares of the company's stock after selling 12,498 shares during the quarter. Raymond James Financial Inc. owned approximately 0.05% of PACCAR worth $27,277,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in shares of PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock valued at $9,258,000 after acquiring an additional 290 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in PACCAR by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 791,944 shares of the company's stock valued at $82,379,000 after acquiring an additional 8,757 shares during the period. MGO One Seven LLC acquired a new stake in PACCAR during the 4th quarter valued at approximately $247,000. Voya Investment Management LLC lifted its stake in PACCAR by 41.8% during the 4th quarter. Voya Investment Management LLC now owns 158,210 shares of the company's stock valued at $16,457,000 after acquiring an additional 46,616 shares during the period. Finally, Coldstream Capital Management Inc. lifted its stake in PACCAR by 26.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 45,696 shares of the company's stock valued at $4,753,000 after acquiring an additional 9,583 shares during the period. 64.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PCAR. UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and upped their target price for the stock from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Vertical Research upgraded PACCAR to a "strong-buy" rating in a research report on Wednesday, July 23rd. Truist Financial reduced their price target 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. Evercore ISI set a $114.00 price objective on PACCAR and gave the company an "outperform" rating in a report on Tuesday, August 19th. Finally, Citigroup boosted their price objective on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR Stock Performance

NASDAQ:PCAR traded down $0.82 during mid-day trading on Friday, reaching $99.86. The stock had a trading volume of 960,346 shares, compared to its average volume of 2,846,111. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.80 and a current ratio of 3.02. The firm has a market capitalization of $52.44 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 4.07 and a beta of 0.91. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $118.81. The business has a 50 day simple moving average of $97.62 and a 200 day simple moving average of $96.66.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.28 by $0.09. The business had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The company's quarterly revenue was down 15.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.13 earnings per share. On average, analysts expect that PACCAR Inc. will post 7.57 earnings per share 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 of this dividend is Thursday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.3%. PACCAR's dividend payout ratio (DPR) is currently 22.60%.

Insider Buying and Selling

In other PACCAR news, CFO Brice J. Poplawski sold 5,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the transaction, the chief financial officer owned 468 shares of the company's stock, valued at $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the business'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 transaction of $3,977,316.80. Following the sale, the chief executive officer owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. This represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.02% of the company's stock.

PACCAR 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.