Gulf International Bank UK Ltd Sells 8,876 Shares of PACCAR Inc. (NASDAQ:PCAR)

Gulf International Bank UK Ltd cut its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 22.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,775 shares of the company’s stock after selling 8,876 shares during the quarter. Gulf International Bank UK Ltd’s holdings in PACCAR were worth $2,996,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in 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 acquiring an additional 290 shares during the period. Raymond James Financial Inc. bought a new stake in shares of PACCAR during the fourth quarter worth $30,440,000. Rockefeller Capital Management L.P. grew its holdings in PACCAR by 4.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 16,577 shares of the company’s stock worth $1,731,000 after acquiring an additional 764 shares during the last quarter. Townsquare Capital LLC grew its holdings in PACCAR by 1.8% during the 4th quarter. Townsquare Capital LLC now owns 11,332 shares of the company’s stock worth $1,179,000 after acquiring an additional 199 shares during the last quarter. Finally, Advisors Capital Management LLC grew its holdings in PACCAR by 27.7% during the 4th quarter. Advisors Capital Management LLC now owns 3,305 shares of the company’s stock worth $344,000 after acquiring an additional 716 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PCAR shares. Wall Street Zen raised shares of PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Morgan Stanley lowered shares of PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 price objective on the stock. in a report on Wednesday, April 16th. Truist Financial decreased their price objective on shares of PACCAR from $102.00 to $98.00 and set a “hold” rating on the stock in a report on Wednesday, July 23rd. Argus upgraded PACCAR from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research report on Monday, July 28th. Finally, Citigroup boosted their target price on PACCAR from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 24th. Nine equities 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $107.77.

PACCAR Stock Up 1.7%

Shares of PACCAR stock opened at $100.66 on Thursday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $118.81. The business has a 50-day moving average of $96.10 and a two-hundred day moving average of $97.35. The company has a market capitalization of $52.86 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 3.97 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 (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.09. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $7.02 billion. During the same period in the prior year, the company earned $2.13 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. As a group, equities analysts predict that PACCAR Inc. will post 7.57 EPS for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 14th will be issued 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 is Thursday, August 14th. PACCAR’s payout ratio is 22.60%.

Insider Activity

In other news, CFO Brice J. Poplawski sold 5,000 shares of the company’s 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 completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 39,965 shares of the company’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total value of $3,977,316.80. Following the transaction, the chief executive officer directly owned 223,190 shares of the company’s stock, valued at $22,211,868.80. This represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate 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.