Canandaigua National Bank & Trust Co. Decreases Stake in PACCAR Inc. $PCAR

Canandaigua National Bank & Trust Co. lowered its stake in PACCAR Inc. (NASDAQ:PCAR) by 2.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,078 shares of the company’s stock after selling 285 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in PACCAR were worth $1,053,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PCAR. Farmers & Merchants Investments Inc. lifted its stake in shares of PACCAR by 33.1% in the first quarter. Farmers & Merchants Investments Inc. now owns 466 shares of the company’s stock worth $45,000 after buying an additional 116 shares in the last quarter. RMR Wealth Builders lifted its stake in shares of PACCAR by 1.4% in the first quarter. RMR Wealth Builders now owns 8,713 shares of the company’s stock worth $848,000 after buying an additional 122 shares in the last quarter. Applied Capital LLC FL lifted its stake in shares of PACCAR by 0.5% in the first quarter. Applied Capital LLC FL now owns 25,210 shares of the company’s stock worth $2,455,000 after buying an additional 124 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of PACCAR by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 45,087 shares of the company’s stock worth $4,390,000 after buying an additional 130 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of PACCAR by 5.9% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,341 shares of the company’s stock worth $228,000 after buying an additional 130 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

Insider Transactions at PACCAR

In other PACCAR news, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brice J. Poplawski sold 5,000 shares of PACCAR stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total transaction of $504,700.00. Following the sale, the chief financial officer owned 468 shares of the company’s stock, valued at approximately $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PCAR shares. Evercore ISI set a $114.00 price target on shares of PACCAR and gave the stock an “outperform” rating in a research note on Tuesday, August 19th. Citigroup raised their price target on shares of PACCAR from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 24th. Argus raised shares of PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research note on Monday, July 28th. UBS Group raised shares of PACCAR from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Finally, Vertical Research raised shares of PACCAR to a “strong-buy” rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.68.

PACCAR Price Performance

Shares of PCAR stock opened at $102.17 on Tuesday. PACCAR Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The company has a market capitalization of $53.65 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 4.12 and a beta of 0.94. The firm’s 50-day moving average is $98.59 and its two-hundred day moving average is $95.99. 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 for the quarter, beating analysts’ consensus estimates of $1.28 by $0.09. PACCAR had a net margin of 9.88% and a return on equity of 18.25%. The business had revenue of $6.96 billion during the quarter, compared to analysts’ expectations of $7.02 billion. During the same period last year, the business earned $2.13 earnings per share. The business’s revenue for the quarter was down 15.7% on a year-over-year basis. Analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, November 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR’s dividend payout ratio (DPR) is currently 22.60%.

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.