PACCAR Inc (NASDAQ:PCAR) Stock Position Decreased by Bank of Montreal Can

Bank of Montreal Can trimmed its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 566,833 shares of the company's stock after selling 10,418 shares during the period. Bank of Montreal Can owned 0.11% of PACCAR worth $55,623,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Hancock Whitney Corp grew its stake in PACCAR by 8.3% in the 3rd quarter. Hancock Whitney Corp now owns 6,304 shares of the company's stock valued at $622,000 after acquiring an additional 483 shares during the last quarter. DRW Securities LLC purchased a new stake in PACCAR during the third quarter valued at about $659,000. Harvest Fund Management Co. Ltd increased its position in PACCAR by 52.3% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,147 shares of the company's stock worth $2,383,000 after purchasing an additional 8,287 shares in the last quarter. Fisher Asset Management LLC increased its position in PACCAR by 1.8% during the 3rd quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock worth $511,254,000 after purchasing an additional 89,245 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in PACCAR by 11.9% during the third quarter. Daiwa Securities Group Inc. now owns 99,145 shares of the company's stock valued at $9,784,000 after buying an additional 10,570 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PCAR shares. Evercore ISI upgraded shares of PACCAR from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Truist Financial upped their target price on PACCAR from $103.00 to $107.00 and gave the company a "hold" rating in a research report on Wednesday, October 23rd. Citigroup upped their target price on PACCAR from $110.00 to $120.00 and gave the company a "neutral" rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price on PACCAR from $125.00 to $122.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Finally, Morgan Stanley cut their target price on PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PACCAR presently has a consensus rating of "Hold" and a consensus target price of $117.64.

PACCAR Stock Performance

Shares of NASDAQ:PCAR traded up $0.36 on Thursday, hitting $116.18. The company's stock had a trading volume of 1,685,361 shares, compared to its average volume of 2,612,256. The stock's 50-day moving average is $106.94 and its two-hundred day moving average is $103.19. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The company has a market capitalization of $60.91 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion during the quarter, compared to analysts' expectations of $7.66 billion. During the same quarter last year, the business posted $2.34 earnings per share. The company's quarterly revenue was down 5.2% on a year-over-year basis. On average, equities research analysts forecast that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.03%. PACCAR's dividend payout ratio is currently 13.41%.

Insider Activity at PACCAR

In related news, CFO Harrie Schippers sold 20,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $106.93, for a total value of $2,138,600.00. Following the completion of the transaction, the chief financial officer now owns 105,558 shares in the company, valued at $11,287,316.94. This trade represents a 15.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total value of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares of the company's stock, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock valued at $6,358,552 over the last 90 days. 2.02% of the stock is currently 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.