CIBC Asset Management Inc Purchases 55,970 Shares of PACCAR Inc. $PCAR

CIBC Asset Management Inc boosted its position in PACCAR Inc. (NASDAQ:PCAR) by 32.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 230,346 shares of the company’s stock after buying an additional 55,970 shares during the period. CIBC Asset Management Inc’s holdings in PACCAR were worth $25,225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PCAR. Brighton Jones LLC increased its position in PACCAR by 0.3% in the 4th quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock valued at $9,258,000 after buying an additional 290 shares in the last quarter. Focus Partners Wealth increased its position in PACCAR by 15.4% in the 1st quarter. Focus Partners Wealth now owns 13,604 shares of the company’s stock valued at $1,324,000 after buying an additional 1,812 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in PACCAR by 2.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 240,749 shares of the company’s stock valued at $22,886,000 after purchasing an additional 5,327 shares during the last quarter. Ieq Capital LLC boosted its stake in PACCAR by 11.5% during the 2nd quarter. Ieq Capital LLC now owns 37,404 shares of the company’s stock valued at $3,556,000 after purchasing an additional 3,858 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in PACCAR during the 2nd quarter valued at about $81,000. 64.90% of the stock is owned by institutional investors.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $114.38 on Thursday. PACCAR Inc. has a twelve month low of $90.05 and a twelve month high of $131.88. The stock’s 50 day moving average price is $117.30 and its 200-day moving average price is $116.63. The company has a market capitalization of $60.20 billion, a PE ratio of 24.34, a PEG ratio of 1.05 and a beta of 0.98. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. PACCAR had a return on equity of 12.81% and a net margin of 8.91%.The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the previous year, the business earned $1.46 EPS. The company’s revenue was down 9.8% compared to the same quarter last year. On average, equities analysts anticipate that PACCAR Inc. will post 5.59 EPS for the current year.

PACCAR Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th were issued a $0.35 dividend. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. PACCAR’s payout ratio is presently 29.79%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PCAR. Evercore set a $139.00 price target on PACCAR in a research note on Monday, May 11th. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Citigroup reiterated a “neutral” rating and set a $125.00 price target (down from $130.00) on shares of PACCAR in a research note on Thursday, April 30th. Wells Fargo & Company set a $125.00 price target on PACCAR and gave the company an “equal weight” rating in a research note on Wednesday, April 29th. Finally, JPMorgan Chase & Co. cut their price target on PACCAR from $150.00 to $140.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PACCAR has an average rating of “Hold” and an average target price of $122.00.

PACCAR Company Profile

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.