BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in PACCAR Inc (NASDAQ:PCAR) by 24.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 123,731 shares of the company’s stock after selling 41,028 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PACCAR were worth $8,437,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in PACCAR by 5,888.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock valued at $126,000 after buying an additional 2,002 shares during the period. Amussen Hunsaker Associates LLC acquired a new position in PACCAR in the 2nd quarter valued at $132,000. Valeo Financial Advisors LLC increased its stake in PACCAR by 85.5% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,148 shares of the company’s stock valued at $123,000 after buying an additional 990 shares during the period. HighPoint Advisor Group LLC acquired a new position in PACCAR in the 3rd quarter valued at $178,000. Finally, Boltwood Capital Management acquired a new position in PACCAR in the 3rd quarter valued at $204,000. 60.57% of the stock is currently owned by institutional investors.
In related news, insider Mark C. Pigott sold 194,004 shares of the business’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $58.84, for a total value of $11,415,195.36. Following the sale, the insider now directly owns 3,080,449 shares in the company, valued at approximately $181,253,619.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP David J. Danforth sold 651 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $59.44, for a total transaction of $38,695.44. Following the completion of the sale, the vice president now owns 5,453 shares in the company, valued at $324,126.32. The disclosure for this sale can be found here. Insiders sold a total of 195,262 shares of company stock worth $11,490,110 over the last quarter. Insiders own 2.64% of the company’s stock.
PACCAR stock opened at $57.09 on Friday. PACCAR Inc has a 52 week low of $53.95 and a 52 week high of $79.69. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.44 and a current ratio of 2.63. The stock has a market capitalization of $20.79 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 0.89 and a beta of 1.41.
PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, October 23rd. The company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.51 by $0.04. PACCAR had a net margin of 9.73% and a return on equity of 23.52%. The business had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same period in the previous year, the firm earned $1.14 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Analysts forecast that PACCAR Inc will post 6.16 EPS for the current fiscal year.
PACCAR announced that its board has approved a stock repurchase program on Tuesday, December 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 14th will be given a $2.00 dividend. The ex-dividend date is Thursday, December 13th. PACCAR’s dividend payout ratio is presently 26.29%.
A number of equities analysts have recently weighed in on PCAR shares. BidaskClub raised shares of PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, August 22nd. Piper Jaffray Companies raised shares of PACCAR from a “neutral” rating to an “overweight” rating and set a $67.00 price target on the stock in a research note on Wednesday, October 24th. JPMorgan Chase & Co. lowered their price target on shares of PACCAR from $72.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 24th. Credit Suisse Group lowered their price target on shares of PACCAR from $69.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 24th. Finally, Zacks Investment Research cut shares of PACCAR from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. Five investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $69.02.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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