Investment Management Corp of Ontario Has $7.40 Million Holdings in PACCAR Inc (NASDAQ:PCAR)

Investment Management Corp of Ontario grew its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 8.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,938 shares of the company’s stock after purchasing an additional 5,800 shares during the quarter. Investment Management Corp of Ontario’s holdings in PACCAR were worth $7,395,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Janus Henderson Group PLC boosted its position in PACCAR by 3.0% in the third quarter. Janus Henderson Group PLC now owns 65,511 shares of the company’s stock worth $6,464,000 after purchasing an additional 1,900 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in PACCAR by 15.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,168,225 shares of the company’s stock worth $213,960,000 after purchasing an additional 286,600 shares in the last quarter. HighTower Advisors LLC raised its stake in PACCAR by 9.7% in the 3rd quarter. HighTower Advisors LLC now owns 232,398 shares of the company’s stock valued at $22,970,000 after purchasing an additional 20,469 shares during the last quarter. Hilltop Holdings Inc. increased its stake in PACCAR by 49.3% during the third quarter. Hilltop Holdings Inc. now owns 8,266 shares of the company’s stock worth $816,000 after acquiring an additional 2,728 shares during the last quarter. Finally, B&L Asset Management LLC purchased a new position in PACCAR in the third quarter valued at $222,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PCAR shares. JPMorgan Chase & Co. reduced their price objective on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial boosted their price target on shares of PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Citigroup increased their target price on shares of PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, November 20th. BNP Paribas upgraded PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. Eight investment 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, the company presently has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Price Performance

PCAR stock opened at $116.24 on Tuesday. PACCAR Inc has a 1 year low of $90.04 and a 1 year high of $125.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The stock has a market capitalization of $60.94 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 1.83 and a beta of 0.91. The company’s 50-day moving average is $107.64 and its 200-day moving average is $103.28.

PACCAR (NASDAQ:PCAR) last announced its quarterly 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. 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%. PACCAR’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.34 earnings per share. Equities research analysts expect that PACCAR Inc will post 7.98 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared 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 is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.03%. PACCAR’s dividend payout ratio is currently 13.41%.

Insider Buying and Selling

In other news, CFO Harrie Schippers sold 20,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 105,558 shares in the company, valued at $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,315 shares of company stock valued at $6,358,552. Corporate insiders own 2.02% of the company’s stock.

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.