CIBC Asset Management Inc Acquires 8,834 Shares of PACCAR Inc (NASDAQ:PCAR)

CIBC Asset Management Inc boosted its holdings in PACCAR Inc (NASDAQ:PCAR) by 5.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 162,583 shares of the company’s stock after acquiring an additional 8,834 shares during the quarter. CIBC Asset Management Inc’s holdings in PACCAR were worth $16,044,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. New Covenant Trust Company N.A. purchased a new stake in PACCAR in the first quarter valued at approximately $27,000. Quarry LP purchased a new stake in shares of PACCAR during the 2nd quarter valued at $26,000. Meeder Asset Management Inc. raised its position in shares of PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after buying an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of PACCAR during the 2nd quarter worth $36,000. Finally, Fortitude Family Office LLC grew its position in PACCAR by 200.0% in the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Transactions at PACCAR

In related news, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $107.00, for a total value of $1,058,658.00. Following the sale, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at $761,947. This represents a 58.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. Company insiders own 2.02% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PCAR. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $99.00 to $129.00 in a research note on Wednesday. Royal Bank of Canada restated a “sector perform” rating and issued a $119.00 target price on shares of PACCAR in a research report on Monday, November 4th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $116.55.

PACCAR Stock Down 2.4 %

Shares of NASDAQ:PCAR opened at $112.26 on Friday. The stock’s 50-day moving average is $103.65 and its 200 day moving average is $102.83. The company has a market cap of $58.86 billion, a PE ratio of 12.54, a P/E/G ratio of 1.83 and a beta of 0.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same period in the previous year, the firm earned $2.34 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. Sell-side analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.07%. PACCAR’s dividend payout ratio (DPR) is presently 13.41%.

PACCAR 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.