Spring has sprung, it's a rather nice day outside, and so naturally a young-ish mans fancy turns to SEC Filings.

PCAR is what we're interested in; better known, of course as PACCAR, of which CEO Mark Piggott wrote on the 30th January this year:

"PACCAR has achieved 68 consecutive years of net profitability in the company's remarkable 101-year history and continues to build on its exceptional reputation as a leading global technology company. PACCAR's balanced global diversification, world-class information technology, growing financial services companies and superior quality products have generated excellent financial returns. The strength of the company is a direct reflection of the unparalleled innovation and dedication of our 21,000 employees worldwide."

A few days later - on the 5th February to be exact - that same Mark Piggott off-loaded 153,368 shares - some $10.67 million worth - in that same leading global technology company. And he wasn't alone. Vice Chairman Michael Tembreull got rid of 120,000 shares - making around $8.5 million in the process, and there's no shortage of other PACCAR heavy hitters doing likewise: take a look here for the SEC filings to date in 2007.

Now, in fairness, some of these transactions are simply the conversion of share options. And very nice share options they are too: Mark Piggott exercised one particularly tasty transaction on the 5th February that saw an option price of $10.85 turned into a sale price of $69.92. Doing the same 178,368 times goes a long way towards paying for the new conservatory. Maybe some of those staff at Renton who are currently at a loose end could pop around over the weekend and help him hang the curtains. But we digress.

PACCAR's board is selling shares at a rate of knots. This wouldn't - we would imagine - fill the other shareholders with much by way of confidence. So far, the analyst community has been pretty kind to PACCAR - UBS issued a Reduce rating at the beginning of February, whilst DA Davidson downrated the stock from Buy to Neutral earlier this week.

But, if the cry inside the Bellevue Boardroom is 'Sell,Sell,Sell', will this translate to a market value that is 'Dive,Dive,Dive'?

Those 'excellent financial returns': For how much longer?

We await the 24th April with some interest.