Nuveen Asset Management LLC Reduces Position in PACCAR Inc (NASDAQ:PCAR)

Nuveen Asset Management LLC cut its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,056,052 shares of the company's stock after selling 20,611 shares during the period. Nuveen Asset Management LLC owned about 0.20% of PACCAR worth $109,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of PCAR. Wellington Management Group LLP grew its position in shares of PACCAR by 25.0% during the fourth quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company's stock worth $1,747,408,000 after purchasing an additional 3,364,650 shares in the last quarter. Geode Capital Management LLC raised its position in shares of PACCAR by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 12,242,288 shares of the company's stock valued at $1,275,269,000 after buying an additional 362,637 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of PACCAR by 5.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 10,767,134 shares of the company's stock worth $1,119,997,000 after buying an additional 572,231 shares in the last quarter. FMR LLC lifted its holdings in shares of PACCAR by 1.9% in the fourth quarter. FMR LLC now owns 8,791,660 shares of the company's stock worth $914,509,000 after buying an additional 167,165 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of PACCAR by 8.5% in the fourth quarter. Northern Trust Corp now owns 7,202,358 shares of the company's stock worth $749,189,000 after buying an additional 565,967 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PCAR. StockNews.com upgraded PACCAR from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Royal Bank of Canada lowered their target price on PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Morgan Stanley downgraded PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 target price for the company. in a research report on Wednesday, April 16th. 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 report on Monday. Finally, UBS Group downgraded PACCAR from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $108.00 to $78.00 in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $104.14.

PACCAR Stock Down 0.5%

NASDAQ PCAR traded down $0.51 during trading on Tuesday, reaching $96.50. 1,860,446 shares of the company's stock traded hands, compared to its average volume of 2,774,515. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. The firm has a market cap of $50.66 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96. The company's 50 day simple moving average is $93.23 and its two-hundred day simple moving average is $103.81. PACCAR Inc has a 12-month low of $84.65 and a 12-month high of $118.81.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The firm had revenue of $6.91 billion during the quarter, compared to analysts' expectations of $7.13 billion. During the same period in the previous year, the firm earned $2.27 EPS. The firm's quarterly revenue was down 16.0% on a year-over-year basis. As a group, sell-side analysts forecast that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, May 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.37%. PACCAR's dividend payout ratio is currently 20.00%.

Insiders Place Their Bets

In other news, VP Michael K. Walton sold 6,000 shares of PACCAR stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the transaction, the vice president now directly owns 951 shares of the company's stock, valued at $100,929.63. The trade was a 86.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pierre R. Breber bought 5,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were purchased at an average cost of $89.78 per share, with a total value of $448,900.00. Following the completion of the acquisition, the director now owns 13,015 shares in the company, valued at approximately $1,168,486.70. This represents a 62.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.02% of the stock is currently owned by insiders.

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.