Tocqueville Asset Management L.P. Cuts Position in PACCAR Inc. $PCAR

Key Points

• Tocqueville Asset Management L.P. decreased its stake in PACCAR Inc. by 31.3% during the 1st quarter, holding 180,732 shares valued at approximately $17.6 million.
• Analysts have given PACCAR an average rating of "Moderate Buy" with a target price of $107.77, reflecting recent upgrades from multiple research firms.
• Insider sales include CEO R. Preston Feight selling 39,965 shares for about $3.98 million, resulting in a 15.19% decrease in his ownership.

Tocqueville Asset Management L.P. lowered its position in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 180,732 shares of the company's stock after selling 82,528 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in PACCAR were worth $17,598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PCAR. Vanguard Group Inc. increased its stake in shares of PACCAR by 1.8% during the 1st 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. Massachusetts Financial Services Co. MA increased its stake in shares of PACCAR by 9.2% during the 1st 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. Northern Trust Corp increased its stake in shares of PACCAR by 8.5% during the 4th quarter. Northern Trust Corp now owns 7,202,358 shares of the company's stock worth $749,189,000 after purchasing an additional 565,967 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of PACCAR by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,104,056 shares of the company's stock worth $594,277,000 after purchasing an additional 97,197 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of PACCAR by 370.5% during the 4th 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. Institutional investors own 64.90% of the company's stock.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 39,965 shares of the company's 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 completion of the transaction, the chief executive officer directly owned 223,190 shares in the company, valued at approximately $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.94, for a total transaction 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. This trade represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. UBS Group upgraded shares of PACCAR from a "sell" rating to a "neutral" rating and raised their price target for the stock from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Truist Financial reduced their price objective on shares of PACCAR from $102.00 to $98.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. Citigroup lifted their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Evercore ISI set a $114.00 price objective on shares of PACCAR and gave the company an "outperform" rating in a research note on Tuesday. Finally, Royal Bank Of Canada reduced their price objective on shares of PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, PACCAR presently has a consensus rating of "Moderate Buy" and an average price target of $107.68.

PACCAR Price Performance

Shares of PCAR traded down $1.1830 during mid-day trading on Wednesday, reaching $98.2770. 960,952 shares of the stock traded hands, compared to its average volume of 2,876,090. The firm has a fifty day moving average price of $96.51 and a 200 day moving average price of $96.95. The company has a market cap of $51.61 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 3.95 and a beta of 0.91. 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 Inc. has a 1 year low of $84.65 and a 1 year high of $118.81.

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 analysts' consensus estimates of $1.28 by $0.09. The firm had revenue of $6.96 billion during 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 business's revenue for the quarter was down 15.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.13 EPS. As a group, equities research analysts predict 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. The ex-dividend date is Thursday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.3%. PACCAR's payout ratio is 22.60%.

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.