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

Cibc World Markets Corp increased its stake in PACCAR Inc (NASDAQ:PCAR) by 14.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,321 shares of the company’s stock after acquiring 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.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of PACCAR in the 4th quarter worth about $37,000. Kestra Investment Management LLC bought a new stake in PACCAR in the 4th quarter worth approximately $37,000. OFI Invest Asset Management purchased a new stake in PACCAR in the fourth quarter worth approximately $43,000. Atala Financial Inc bought a new position in PACCAR during the fourth quarter valued at approximately $43,000. Finally, Regents Gate Capital LLP purchased a new position in shares of PACCAR during the fourth quarter worth approximately $44,000. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 0.9 %

Shares of NASDAQ PCAR opened at $100.21 on Wednesday. The firm has a fifty day simple moving average of $106.86 and a two-hundred day simple moving average of $106.50. The firm 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. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. Equities analysts expect 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. Investors of record on Friday, December 20th were paid a $3.00 dividend. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date was Friday, December 20th. PACCAR’s dividend payout ratio is presently 16.69%.

Analysts Set New Price Targets

Several research firms recently commented on PCAR. Jefferies Financial Group lowered shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a report on Friday, December 6th. Citigroup decreased their price objective on PACCAR from $125.00 to $115.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Truist Financial increased their target price on PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. Bank of America raised PACCAR from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $116.00 to $121.50 in a research note on Tuesday, January 14th. Finally, Melius raised PACCAR from a “hold” rating to a “buy” rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $118.23.

Insiders Place Their Bets

In other news, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $112.05, for a total value of $224,100.00. Following the sale, the vice president now directly owns 5,463 shares of the company’s stock, valued at $612,129.15. This represents a 26.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael K. Walton sold 6,000 shares of PACCAR stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now directly owns 951 shares of the company’s stock, valued at approximately $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 165,547 shares of company stock worth $18,261,908. 2.02% of the stock is owned by corporate insiders.

About PACCAR

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.