Wellington Management Group LLP Cuts Stock Holdings in PACCAR Inc. $PCAR

Key Points

• Wellington Management trimmed its PACCAR stake by 11.9% in Q3, selling 2,615,275 shares and now owns 19,380,273 shares (about 3.69% of the company) valued at $1.905 billion.
• PACCAR reported Q4 EPS of $1.06 (in line with expectations) and revenue of $6.82 billion (above the $6.06B consensus) but revenue was down 15.1% year-over-year; the company has a $60.66B market cap and a MarketBeat consensus rating of Hold with a $116.50 price target.
• Insiders have been net sellers recently—133,105 shares worth $16.87 million sold in the last 90 days—while hedge funds and other institutions own about 64.90% of PACCAR and insiders hold 2.02%.

Wellington Management Group LLP trimmed its stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 11.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,380,273 shares of the company's stock after selling 2,615,275 shares during the period. Wellington Management Group LLP owned approximately 3.69% of PACCAR worth $1,905,468,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Private Wealth Management Group LLC grew its stake in PACCAR by 293.1% in the 3rd quarter. Private Wealth Management Group LLC now owns 283 shares of the company's stock worth $28,000 after buying an additional 211 shares in the last quarter. Wealth Watch Advisors INC purchased a new stake in shares of PACCAR during the 3rd quarter valued at $32,000. AlphaQuest LLC purchased a new stake in shares of PACCAR during the 3rd quarter valued at $38,000. Westside Investment Management Inc. lifted its holdings in shares of PACCAR by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 432 shares of the company's stock worth $42,000 after acquiring an additional 216 shares during the last quarter. Finally, Rothschild Investment LLC lifted its holdings in shares of PACCAR by 121.4% during the 3rd quarter. Rothschild Investment LLC now owns 828 shares of the company's stock worth $81,000 after acquiring an additional 454 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Price Performance

PCAR stock opened at $115.34 on Friday. The firm has a market cap of $60.66 billion, a P/E ratio of 25.57, a P/E/G ratio of 0.98 and a beta of 1.03. The firm's fifty day moving average is $122.79 and its 200 day moving average is $109.18. PACCAR Inc. has a 52 week low of $84.65 and a 52 week high of $131.88. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The firm's revenue for the quarter was down 15.1% on a year-over-year basis. Research analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current year.

Insider Transactions at PACCAR

In other news, EVP Kevin D. Baney sold 9,672 shares of the business's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $126.53, for a total value of $1,223,798.16. Following the completion of the sale, the executive vice president owned 12,592 shares of the company's stock, valued at approximately $1,593,265.76. The trade was a 43.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paulo Henrique Bolgar sold 12,183 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $122.43, for a total value of $1,491,564.69. Following the sale, the vice president owned 6,274 shares of the company's stock, valued at $768,125.82. This represents a 66.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 133,105 shares of company stock valued at $16,869,046. 2.02% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PCAR shares. Citigroup increased their target price on PACCAR from $120.00 to $125.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of PACCAR in a research note on Tuesday, February 24th. Wells Fargo & Company set a $119.00 price objective on PACCAR and gave the stock an "equal weight" rating in a report on Friday, January 23rd. JPMorgan Chase & Co. increased their price objective on PACCAR from $133.00 to $142.00 and gave the company an "overweight" rating in a research report on Wednesday, January 14th. Finally, Truist Financial raised their price objective on PACCAR from $108.00 to $120.00 and gave the company a "hold" rating in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, PACCAR presently has a consensus rating of "Hold" and a consensus price target of $116.50.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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