CIBC Asset Management Inc Purchases 17,444 Shares of PACCAR Inc (NASDAQ:PCAR)

CIBC Asset Management Inc grew its position in PACCAR Inc (NASDAQ:PCAR - Free Report) by 10.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 180,027 shares of the company's stock after purchasing an additional 17,444 shares during the period. CIBC Asset Management Inc's holdings in PACCAR were worth $18,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Monument Capital Management boosted its holdings in shares of PACCAR by 1.5% during the 4th quarter. Monument Capital Management now owns 32,072 shares of the company's stock worth $3,336,000 after buying an additional 467 shares during the period. Principal Securities Inc. lifted its position in PACCAR by 10.9% during the 4th quarter. Principal Securities Inc. now owns 8,918 shares of the company's stock worth $928,000 after acquiring an additional 873 shares during the last quarter. WealthPlan Investment Management LLC bought a new stake in PACCAR during the fourth quarter valued at about $235,000. ABC Arbitrage SA acquired a new stake in shares of PACCAR in the fourth quarter valued at about $1,484,000. Finally, V Square Quantitative Management LLC increased its stake in shares of PACCAR by 14.0% in the fourth quarter. V Square Quantitative Management LLC now owns 3,820 shares of the company's stock worth $397,000 after purchasing an additional 470 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on PCAR shares. Truist Financial increased their price target on shares of PACCAR from $112.00 to $113.00 and gave the company a "hold" rating in a report on Wednesday, January 29th. Evercore ISI cut their price objective on PACCAR from $129.00 to $127.00 and set an "outperform" rating for the company in a report on Wednesday. Citigroup decreased their price target on PACCAR from $125.00 to $115.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on shares of PACCAR from $125.00 to $132.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $119.00 price objective on shares of PACCAR in a report on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $121.77.

Insiders Place Their Bets

In related news, VP Todd R. Hubbard sold 2,000 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $112.05, for a total transaction of $224,100.00. Following the transaction, the vice president now directly owns 5,463 shares of the company's stock, valued at $612,129.15. This trade represents a 26.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael K. Walton sold 6,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the completion of the sale, the vice president now directly owns 951 shares of the company's stock, valued at $100,929.63. The trade was a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock valued at $18,261,908 in the last three months. 2.02% of the stock is currently owned by insiders.

PACCAR Stock Down 1.9 %

Shares of NASDAQ:PCAR traded down $2.00 during midday trading on Friday, hitting $104.46. 2,978,755 shares of the company's stock were exchanged, compared to its average volume of 2,311,501. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The company has a market cap of $54.77 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 2.79 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.39. The stock has a 50 day moving average price of $107.50 and a 200-day moving average price of $105.16.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 EPS for the quarter, missing analysts' consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. On average, sell-side analysts anticipate that PACCAR Inc will post 7.57 EPS for the current fiscal year.

PACCAR Increases Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, December 20th. This is a boost from PACCAR's previous dividend of $0.89. PACCAR's dividend payout ratio (DPR) is 16.69%.

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.