Russell Investments Group Ltd. Reduces Stake in PACCAR Inc. (NASDAQ:PCAR)

Key Points

• Russell Investments Group Ltd. reduced its holdings in PACCAR Inc. by 6.8%, now owning 346,455 shares worth approximately $33.73 million.
• PACCAR reported earnings of $1.37 per share for the latest quarter, surpassing estimates, but its quarterly revenue was down 15.7% compared to last year.
• The company announced a quarterly dividend of $0.33 per share, with an annual yield of 1.3% set to be paid on September 4th.

Russell Investments Group Ltd. lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 346,455 shares of the company's stock after selling 25,364 shares during the period. Russell Investments Group Ltd. owned about 0.07% of PACCAR worth $33,734,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PCAR. Kovitz Investment Group Partners LLC lifted its stake in PACCAR by 370.5% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company's stock worth $557,453,000 after purchasing an additional 4,219,964 shares during the last quarter. Pacer Advisors Inc. lifted its stake in PACCAR by 2,957.4% during the first quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company's stock worth $205,469,000 after purchasing an additional 2,041,168 shares during the last quarter. Nuveen LLC bought a new stake in PACCAR during the first quarter worth about $125,566,000. Vanguard Group Inc. lifted its stake in PACCAR by 1.8% during the first quarter. Vanguard Group Inc. now owns 62,995,929 shares of the company's stock worth $6,133,914,000 after purchasing an additional 1,113,520 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in PACCAR by 9.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company's stock worth $1,144,578,000 after purchasing an additional 987,805 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

Analyst Upgrades and Downgrades

PCAR has been the subject of a number of recent research reports. Argus raised PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price for the company in a research note on Monday, July 28th. Evercore ISI lowered their target price on PACCAR from $127.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and boosted their target price for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Citigroup boosted their target price on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Vertical Research raised PACCAR to a "strong-buy" rating in a research note on Wednesday, July 23rd. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $107.77.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of the stock in a transaction 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 directly owned 223,190 shares in the company, 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 accessible through this hyperlink. Also, CFO Brice J. Poplawski sold 5,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was 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 in the company, valued at approximately $47,239.92. This trade represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company's stock.

PACCAR Trading Down 1.5%

PCAR traded down $1.47 during midday trading on Friday, reaching $98.22. 1,830,450 shares of the company's stock traded hands, compared to its average volume of 3,295,420. The firm has a fifty day moving average of $96.34 and a two-hundred day moving average of $97.12. The stock has a market capitalization of $51.58 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 3.94 and a beta of 0.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.09. The company had revenue of $6.96 billion during the quarter, compared to analysts' expectations of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The firm's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.13 EPS. On average, equities analysts anticipate 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. Investors of record on Thursday, August 14th will be paid a $0.33 dividend. The ex-dividend date is Thursday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.3%. PACCAR's dividend payout ratio is presently 22.60%.

About PACCAR

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.