Cibc World Markets Corp Boosts Holdings in PACCAR Inc (NASDAQ:PCAR)

Cibc World Markets Corp boosted its position in shares of PACCAR Inc (NASDAQ:PCAR) by 14.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 94,321 shares of the company’s stock after purchasing an additional 11,683 shares during the period. Cibc World Markets Corp’s holdings in PACCAR were worth $9,811,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PCAR. Golden State Wealth Management LLC purchased a new stake in shares of PACCAR during the fourth quarter valued at approximately $37,000. Kestra Investment Management LLC bought a new position in PACCAR in the 4th quarter valued at approximately $37,000. Atala Financial Inc bought a new position in PACCAR in the 4th quarter valued at approximately $43,000. Regents Gate Capital LLP purchased a new stake in PACCAR during the 4th quarter valued at $44,000. Finally, OFI Invest Asset Management bought a new stake in shares of PACCAR in the 4th quarter worth $43,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Price Performance

NASDAQ PCAR opened at $100.21 on Wednesday. The business’s fifty day moving average is $106.86 and its 200 day moving average is $106.50. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54. The company has a market capitalization of $52.59 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.04). PACCAR had a net margin of 12.36% and a return on equity of 23.53%. Sell-side analysts predict that PACCAR Inc will post 7.57 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently declared a dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th were given a $3.00 dividend. This is a positive change from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR’s dividend payout ratio is presently 16.69%.

Insider Activity

In related news, EVP Darrin C. Siver sold 103,671 shares of PACCAR stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the sale, the executive vice president now owns 61,005 shares of the company’s stock, valued at approximately $6,805,717.80. This trade represents a 62.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the completion of the transaction, the vice president now owns 5,463 shares of the company’s stock, valued at $612,129.15. The trade was a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock worth $18,261,908 in the last three months. Company insiders own 2.02% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCAR. JPMorgan Chase & Co. lowered their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating on the stock in a report on Tuesday. Bank of America raised shares of PACCAR from a “neutral” rating to a “buy” rating and raised their price target for the company from $116.00 to $121.50 in a report on Tuesday, January 14th. Truist Financial lifted their price target on shares of PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Melius upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, UBS Group downgraded shares of PACCAR from a “buy” rating to a “neutral” rating and cut their target price for the stock from $124.00 to $108.00 in a research report on Tuesday. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $118.23.

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.