CIBC Asset Management Inc Raises Position in PACCAR Inc (NASDAQ:PCAR)

CIBC Asset Management Inc boosted its position in shares of PACCAR Inc (NASDAQ:PCAR) by 5.7% in the third quarter, Holdings Channel reports. The fund owned 162,583 shares of the company’s stock after purchasing an additional 8,834 shares during the quarter. CIBC Asset Management Inc’s holdings in PACCAR were worth $16,044,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in PCAR. BDF Gestion purchased a new stake in PACCAR during the second quarter valued at approximately $2,862,000. Mengis Capital Management Inc. increased its stake in shares of PACCAR by 2.9% in the 3rd quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company’s stock worth $18,863,000 after purchasing an additional 5,433 shares in the last quarter. Virtu Financial LLC bought a new position in PACCAR in the 1st quarter worth $1,359,000. Comerica Bank raised its holdings in PACCAR by 8.7% in the 1st quarter. Comerica Bank now owns 162,864 shares of the company’s stock worth $20,177,000 after purchasing an additional 13,075 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in PACCAR by 28.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company’s stock valued at $2,552,000 after purchasing an additional 5,437 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 2.4 %

PCAR opened at $112.26 on Friday. The company has a market capitalization of $58.86 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89. The firm has a 50-day simple moving average of $103.65 and a two-hundred day simple moving average of $102.83. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.34 earnings per share. Analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. PACCAR’s dividend payout ratio is currently 13.41%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PCAR shares. Deutsche Bank Aktiengesellschaft reduced their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Citigroup raised their target price on shares of PACCAR from $100.00 to $108.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $99.00 to $129.00 in a research note on Wednesday. Finally, StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $116.55.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the transaction, the chief executive officer now owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the transaction, the vice president now owns 3,061 shares in the company, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by corporate insiders.

PACCAR Company 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.