BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 12,917 Shares of PACCAR Inc (NASDAQ:PCAR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in PACCAR Inc (NASDAQ:PCAR) by 12.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,462 shares of the company’s stock after selling 12,917 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PACCAR were worth $8,631,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its position in PACCAR by 47.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of PACCAR in the 2nd quarter valued at approximately $88,437,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of PACCAR by 115.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company’s stock valued at $106,047,000 after buying an additional 576,532 shares in the last quarter. Squarepoint Ops LLC increased its holdings in PACCAR by 3,019.7% during the second quarter. Squarepoint Ops LLC now owns 442,564 shares of the company’s stock worth $45,558,000 after buying an additional 428,378 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in PACCAR during the second quarter worth $39,238,000. Institutional investors own 64.90% of the company’s stock.

Insider Activity

In other news, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Harrie Schippers sold 20,000 shares of PACCAR stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,558 shares in the company, valued at $11,287,316.94. This trade represents a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is currently owned by company insiders.

PACCAR Trading Up 0.7 %

PCAR stock opened at $117.00 on Monday. PACCAR Inc has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a market capitalization of $61.34 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89. The company’s 50-day simple moving average is $107.64 and its 200 day simple moving average is $103.28. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25.

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

PACCAR Dividend Announcement

The business 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 1.03%. PACCAR’s payout ratio is 13.41%.

Analyst Upgrades and Downgrades

PCAR has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Truist Financial boosted their price target on PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Citigroup raised their price objective on PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, November 20th. BNP Paribas raised PACCAR to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and raised their price target for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $117.64.

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.