Cibc World Market Inc. Acquires Shares of 76,269 PACCAR Inc. $PCAR

Cibc World Market Inc. bought a new position in PACCAR Inc. (NASDAQ:PCAR) during the 2nd quarter, Holdings Channel.com reports. The firm bought 76,269 shares of the company’s stock, valued at approximately $9,161,000.

Several other hedge funds also recently made changes to their positions in the company. Deseret Mutual Benefit Administrators increased its position in shares of PACCAR by 9.9% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 887 shares of the company’s stock valued at $97,000 after acquiring an additional 80 shares during the period. Gulf International Bank UK Ltd raised its stake in shares of PACCAR by 0.3% during the fourth quarter. Gulf International Bank UK Ltd now owns 26,202 shares of the company’s stock valued at $2,869,000 after acquiring an additional 81 shares during the last quarter. CYBER HORNET ETFs LLC boosted its holdings in shares of PACCAR by 6.2% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,486 shares of the company’s stock worth $163,000 after purchasing an additional 87 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of PACCAR by 3.1% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,898 shares of the company’s stock worth $317,000 after purchasing an additional 87 shares during the last quarter. Finally, MCF Advisors LLC grew its stake in shares of PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after purchasing an additional 92 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCAR has been the subject of a number of recent analyst reports. Truist Financial upped their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $148.00 price target on shares of PACCAR in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price objective on PACCAR from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on shares of PACCAR in a research report on Wednesday, July 29th. Finally, Citigroup raised their price objective on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $131.70.

PACCAR Stock Down 0.8%

PCAR stock opened at $129.94 on Tuesday. The stock has a market capitalization of $68.40 billion, a P/E ratio of 27.30, a P/E/G ratio of 1.03 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.12 and a quick ratio of 2.90. PACCAR Inc. has a 1-year low of $92.25 and a 1-year high of $139.24. The business has a fifty day moving average price of $126.66 and a 200-day moving average price of $121.89.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The company had revenue of $7.55 billion for the quarter, compared to analysts’ expectations of $7.05 billion. During the same period last year, the firm posted $1.37 earnings per share. PACCAR’s revenue was up .5% compared to the same quarter last year. Equities analysts forecast that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is presently 29.41%.

Insider Activity at PACCAR

In related news, CFO Brice J. Poplawski sold 1,970 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the transaction, the chief financial officer owned 1,391 shares in the company, valued at $184,307.50. This represents a 58.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.90, for a total transaction of $387,908.30. Following the completion of the sale, the vice president owned 3,831 shares in the company, valued at $512,970.90. This represents a 43.06% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is owned by insiders.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.