Connor Clark & Lunn Investment Management Ltd. Sells 125,330 Shares of PACCAR Inc (NASDAQ:PCAR)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in PACCAR Inc (NASDAQ:PCAR - Free Report) by 98.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,565 shares of the company's stock after selling 125,330 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in PACCAR were worth $253,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Quarry LP acquired a new stake in PACCAR in the 2nd quarter worth $26,000. Meeder Asset Management Inc. increased its stake in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company's stock valued at $29,000 after acquiring an additional 205 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in PACCAR in the 2nd quarter valued at approximately $36,000. Fortitude Family Office LLC lifted its position in shares of PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company's stock worth $38,000 after acquiring an additional 244 shares during the period. Finally, ORG Partners LLC grew its holdings in shares of PACCAR by 7,560.0% during the 2nd quarter. ORG Partners LLC now owns 383 shares of the company's stock worth $39,000 after purchasing an additional 378 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on PCAR shares. Morgan Stanley cut their target price on PACCAR from $135.00 to $126.00 and set an "overweight" rating for the company in a research note on Wednesday, October 23rd. Truist Financial raised their price objective on shares of PACCAR from $103.00 to $107.00 and gave the stock a "hold" rating in a report on Wednesday, October 23rd. Citigroup increased their price target on shares of PACCAR from $110.00 to $120.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. decreased their price objective on PACCAR from $125.00 to $122.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. Finally, BNP Paribas raised PACCAR to a "hold" rating in a report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, PACCAR presently has an average rating of "Hold" and an average target price of $117.64.

Insider Activity at PACCAR

In related news, CFO Harrie Schippers sold 20,000 shares of the company's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the sale, the chief financial officer now owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,315 shares of company stock valued at $6,358,552. 2.02% of the stock is owned by corporate insiders.

PACCAR Trading Down 0.6 %

PCAR stock traded down $0.76 during midday trading on Monday, hitting $116.24. 1,632,325 shares of the company's stock were exchanged, compared to its average volume of 2,601,467. PACCAR Inc has a one year low of $90.04 and a one year high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. The company has a market cap of $60.94 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 1.83 and a beta of 0.89. The stock's fifty day moving average price is $107.64 and its 200-day moving average price is $103.28.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 period in the prior year, the business earned $2.34 EPS. PACCAR's revenue for the quarter was down 5.2% compared to the same quarter last year. Research analysts predict that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a $0.30 dividend. The ex-dividend date of this dividend 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%.

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.