Royal Bank of Canada Cuts Stock Position in PACCAR Inc. $PCAR

Key Points

• Royal Bank of Canada reduced its stake in PACCAR Inc. by 10.6% in the first quarter, selling 189,901 shares, which now accounts for approximately 0.30% of the company.
• PACCAR reported an earnings per share (EPS) of $1.37 for the last quarter, exceeding analysts' estimates, but its revenue decreased by 15.7% year-over-year to $6.96 billion.
• The company recently declared a quarterly dividend of $0.33 per share, representing an annualized yield of 1.3% and a payout ratio of 22.60%.

Royal Bank of Canada lowered its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 10.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,596,884 shares of the company's stock after selling 189,901 shares during the quarter. Royal Bank of Canada owned approximately 0.30% of PACCAR worth $155,487,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PCAR. Brighton Jones LLC grew its holdings in PACCAR by 0.3% during the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company's stock valued at $9,258,000 after buying an additional 290 shares in the last quarter. Aptus Capital Advisors LLC boosted its position in shares of PACCAR by 30.8% during the fourth quarter. Aptus Capital Advisors LLC now owns 4,977 shares of the company's stock worth $520,000 after acquiring an additional 1,172 shares during the last quarter. Baker Avenue Asset Management LP purchased a new position in PACCAR during the fourth quarter valued at $238,000. Captrust Financial Advisors increased its holdings in PACCAR by 3.2% in the 4th quarter. Captrust Financial Advisors now owns 54,003 shares of the company's stock valued at $5,617,000 after acquiring an additional 1,673 shares during the last quarter. Finally, Brevan Howard Capital Management LP lifted its stake in PACCAR by 23.1% in the 4th quarter. Brevan Howard Capital Management LP now owns 29,967 shares of the company's stock worth $3,117,000 after purchasing an additional 5,617 shares in the last quarter. Institutional investors own 64.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. UBS Group upgraded shares of PACCAR from a "sell" rating to a "neutral" rating and raised their target price for the stock from $81.00 to $100.00 in a report on Wednesday, July 23rd. Vertical Research raised shares of PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Truist Financial cut their price target on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a report on Wednesday, July 23rd. Finally, Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the stock an "outperform" rating in a research note on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, PACCAR has an average rating of "Moderate Buy" and a consensus target price of $107.68.

PACCAR Trading Up 0.9%

Shares of NASDAQ PCAR traded up $0.84 during trading hours on Friday, reaching $99.05. The stock had a trading volume of 2,084,012 shares, compared to its average volume of 1,990,258. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81. The firm has a market cap of $52.01 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 3.98 and a beta of 0.94. The business's fifty day moving average price is $98.25 and its two-hundred day moving average price is $96.31. 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 (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%.The company had revenue of $6.96 billion for the quarter, compared to the consensus estimate of $7.02 billion. During the same period last year, the business posted $2.13 EPS. PACCAR's quarterly revenue was down 15.7% on a year-over-year basis. Analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 14th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Thursday, August 14th. PACCAR's payout ratio is presently 22.60%.

Insider Transactions at PACCAR

In related news, CFO Brice J. Poplawski sold 5,000 shares of the business'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 of the company's stock, valued at $47,239.92. The trade was a 91.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO R Preston Feight sold 39,965 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their position. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate insiders.

PACCAR Company 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.