PACCAR Inc. $PCAR Holdings Cut by Stoneridge Investment Partners LLC

Key Points

• Stoneridge Investment Partners LLC significantly reduced its stake in PACCAR Inc. by 48.8% in the first quarter, now holding 6,173 shares valued at approximately $601,000.
• PACCAR's CEO, R. Preston Feight, sold 39,965 shares at an average price of $99.52, resulting in a 15.19% decrease in his ownership of the company.
• The company has announced a quarterly dividend of $0.33 per share, to be paid on September 4th, 2023, highlighting a dividend yield of 1.3%.

Stoneridge Investment Partners LLC trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 48.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 6,173 shares of the company's stock after selling 5,875 shares during the quarter. Stoneridge Investment Partners LLC's holdings in PACCAR were worth $601,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PCAR. Brighton Jones LLC lifted 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 purchasing an additional 290 shares in the last quarter. NewEdge Advisors LLC raised its position in PACCAR by 21.1% in the 4th quarter. NewEdge Advisors LLC now owns 18,890 shares of the company's stock worth $1,965,000 after buying an additional 3,296 shares during the last quarter. State of Tennessee Department of Treasury raised its position in PACCAR by 49.0% in the 4th quarter. State of Tennessee Department of Treasury now owns 142,951 shares of the company's stock worth $14,870,000 after buying an additional 46,980 shares during 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. Finally, MGO One Seven LLC purchased a new stake in PACCAR in the fourth quarter worth approximately $247,000. 64.90% of the stock is currently owned by institutional investors.

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company's stock, valued at approximately $22,211,868.80. This trade represents a 15.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction of $504,700.00. Following the transaction, the chief financial officer directly owned 468 shares of the company's stock, valued at $47,239.92. This represents a 91.44% 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 Price Performance

Shares of NASDAQ PCAR traded up $3.96 during trading on Friday, hitting $101.50. The company had a trading volume of 3,345,420 shares, compared to its average volume of 2,405,367. PACCAR Inc. has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The stock has a fifty day simple moving average of $96.87 and a two-hundred day simple moving average of $96.83. The company has a quick ratio of 2.80, a current ratio of 3.02 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $53.30 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 3.92 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, topping 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 net margin of 9.88% and a return on equity of 18.25%. The business's revenue was down 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.13 EPS. On average, research analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's dividend payout ratio (DPR) is 22.60%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PCAR. Vertical Research upgraded PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. UBS Group raised shares of PACCAR from a "sell" rating to a "neutral" rating and increased their price objective for the company from $81.00 to $100.00 in a report on Wednesday, July 23rd. Truist Financial reduced their price objective on 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 target price on shares of PACCAR and gave the company an "outperform" rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. upped their target price on shares of PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Two research 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $107.68.

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.