CIBC Asset Management Inc Boosts Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

CIBC Asset Management Inc boosted its position in PACCAR Inc (NASDAQ:PCAR) by 52.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 132,674 shares of the company’s stock after purchasing an additional 45,715 shares during the period. CIBC Asset Management Inc’s holdings in PACCAR were worth $9,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in PCAR. MV Capital Management Inc. lifted its stake in shares of PACCAR by 66.4% during the 1st quarter. MV Capital Management Inc. now owns 351 shares of the company’s stock valued at $26,000 after buying an additional 140 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of PACCAR during the first quarter worth $27,000. Key Financial Inc grew its position in shares of PACCAR by 5,614.3% in the first quarter. Key Financial Inc now owns 400 shares of the company’s stock valued at $29,000 after purchasing an additional 393 shares in the last quarter. Grove Bank & Trust grew its position in shares of PACCAR by 72.4% in the first quarter. Grove Bank & Trust now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 165 shares in the last quarter. Finally, Trust Co. of Vermont raised its stake in shares of PACCAR by 84.0% during the 1st quarter. Trust Co. of Vermont now owns 403 shares of the company’s stock valued at $30,000 after purchasing an additional 184 shares during the period. 65.68% of the stock is currently owned by institutional investors.

PACCAR Stock Up 1.3 %

PCAR opened at $82.75 on Thursday. The business’s fifty day simple moving average is $84.97 and its 200 day simple moving average is $75.48. PACCAR Inc has a 52 week low of $54.64 and a 52 week high of $90.05. The company has a quick ratio of 2.32, a current ratio of 2.57 and a debt-to-equity ratio of 0.53. The stock has a market cap of $43.26 billion, a PE ratio of 11.88, a P/E/G ratio of 0.96 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 25th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.15. The firm had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.31 billion. PACCAR had a return on equity of 29.75% and a net margin of 11.20%. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.38 EPS. As a group, research analysts expect that PACCAR Inc will post 8.54 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 17th will be given a dividend of $0.27 per share. This is a boost from PACCAR’s previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Wednesday, August 16th. PACCAR’s dividend payout ratio (DPR) is presently 15.51%.

Insiders Place Their Bets

In other news, CFO Harrie Schippers sold 24,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $86.07, for a total value of $2,065,680.00. Following the completion of the sale, the chief financial officer now owns 93,522 shares of the company’s stock, valued at approximately $8,049,438.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Harrie Schippers sold 24,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $86.07, for a total value of $2,065,680.00. Following the completion of the sale, the chief financial officer now owns 93,522 shares of the company’s stock, valued at approximately $8,049,438.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Todd R. Hubbard sold 6,000 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $85.19, for a total value of $511,140.00. Following the sale, the vice president now owns 3,230 shares of the company’s stock, valued at $275,163.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,059 shares of company stock valued at $7,401,818. 2.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on PCAR shares. Jefferies Financial Group upgraded PACCAR from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. Raymond James boosted their price objective on shares of PACCAR from $90.00 to $105.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 20th. Credit Suisse Group increased their target price on shares of PACCAR from $84.00 to $90.00 in a research note on Wednesday, July 26th. StockNews.com initiated coverage on shares of PACCAR in a research report on Thursday, August 17th. They set a “buy” rating for the company. Finally, Citigroup increased their price objective on PACCAR from $88.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $74.57.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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.