PACCAR Inc. $PCAR Shares Sold by TD Asset Management Inc

TD Asset Management Inc lessened its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 4.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,814,249 shares of the company’s stock after selling 87,063 shares during the quarter. TD Asset Management Inc owned about 0.35% of PACCAR worth $178,377,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PCAR. Norges Bank acquired a new stake in PACCAR during the 2nd quarter worth $472,520,000. Pacer Advisors Inc. grew its holdings in shares of PACCAR by 2,389.2% during the third quarter. Pacer Advisors Inc. now owns 2,010,837 shares of the company’s stock worth $197,705,000 after purchasing an additional 1,930,056 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of PACCAR by 25.2% during the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after purchasing an additional 1,165,443 shares during the last quarter. Cullen Capital Management LLC acquired a new stake in shares of PACCAR during the second quarter worth about $53,272,000. Finally, Amundi lifted its holdings in shares of PACCAR by 28.0% in the 2nd quarter. Amundi now owns 2,308,750 shares of the company’s stock valued at $229,349,000 after purchasing an additional 505,577 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Down 1.3%

PACCAR stock opened at $124.58 on Thursday. The stock has a 50 day moving average of $120.41 and a two-hundred day moving average of $107.40. PACCAR Inc. has a twelve month low of $84.65 and a twelve month high of $131.88. The stock has a market capitalization of $65.52 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 1.06 and a beta of 1.03. The company has a current ratio of 2.98, a quick ratio of 2.79 and a debt-to-equity ratio of 0.55.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the business earned $1.66 earnings per share. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. As a group, research analysts expect that PACCAR Inc. will post 7.57 earnings per share for the current year.

PACCAR Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.1%. PACCAR’s dividend payout ratio is presently 29.27%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PCAR. Sanford C. Bernstein reissued an “outperform” rating on shares of PACCAR in a research report on Tuesday. Wells Fargo & Company set a $119.00 price objective on PACCAR and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Truist Financial increased their price objective on PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. lifted their target price on shares of PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Finally, Morgan Stanley set a $109.00 price target on shares of PACCAR and gave the company an “equal weight” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, PACCAR presently has an average rating of “Hold” and a consensus target price of $116.50.

Insider Buying and Selling

In related news, VP Paulo Henrique Bolgar sold 12,183 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $122.43, for a total transaction of $1,491,564.69. Following the completion of the transaction, the vice president directly owned 6,274 shares of the company’s stock, valued at $768,125.82. This represents a 66.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP C Michael Dozier sold 79,076 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $127.92, for a total transaction of $10,115,401.92. Following the completion of the sale, the executive vice president owned 34,656 shares of the company’s stock, valued at approximately $4,433,195.52. The trade was a 69.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 133,105 shares of company stock worth $16,869,046. 2.02% of the stock is currently owned by insiders.

About PACCAR

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.