Canada Pension Plan Investment Board Lowers Stock Position in PACCAR Inc (NASDAQ:PCAR)

Canada Pension Plan Investment Board decreased its position in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 20.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 304,659 shares of the company's stock after selling 76,276 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.06% of PACCAR worth $31,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Everence Capital Management Inc. bought a new position in shares of PACCAR in the 4th quarter valued at about $1,984,000. Cullen Frost Bankers Inc. raised its stake in shares of PACCAR by 8.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company's stock valued at $8,916,000 after acquiring an additional 6,494 shares during the period. LPL Financial LLC grew its stake in shares of PACCAR by 6.1% during the fourth quarter. LPL Financial LLC now owns 212,405 shares of the company's stock valued at $22,094,000 after buying an additional 12,143 shares during the last quarter. Insight Wealth Strategies LLC lifted its stake in shares of PACCAR by 21.6% during the 4th quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company's stock worth $4,061,000 after acquiring an additional 6,936 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of PACCAR by 19.3% in the fourth quarter. Versant Capital Management Inc now owns 1,325 shares of the company's stock worth $138,000 after purchasing an additional 214 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

PACCAR Price Performance

PCAR traded up $0.52 during midday trading on Wednesday, hitting $89.08. 2,799,060 shares of the company traded hands, compared to its average volume of 2,751,151. The business has a 50 day simple moving average of $98.44 and a two-hundred day simple moving average of $105.61. PACCAR Inc has a 52-week low of $85.05 and a 52-week high of $118.81. The company has a market capitalization of $46.76 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 2.77 and a beta of 0.96. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

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

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were given a dividend of $0.33 per share. The ex-dividend date was Wednesday, February 12th. This is a positive change from PACCAR's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.48%. PACCAR's payout ratio is presently 16.69%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PCAR shares. Evercore ISI dropped their target price on shares of PACCAR from $129.00 to $127.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. Morgan Stanley downgraded shares of PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 price objective on the stock. in a research report on Wednesday, April 16th. Melius Research set a $120.00 target price on shares of PACCAR in a research note on Tuesday, March 18th. Truist Financial lowered their price objective on PACCAR from $113.00 to $104.00 and set a "hold" rating for the company in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of PACCAR from $121.00 to $105.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $108.59.

Insider Activity at PACCAR

In related news, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total value of $224,100.00. Following the completion of the sale, the vice president now owns 5,463 shares of the company's stock, valued at approximately $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 can be accessed through this link. Also, CEO R Preston Feight sold 25,200 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $110.98, for a total value of $2,796,696.00. Following the transaction, the chief executive officer now directly owns 206,129 shares in the company, valued at $22,876,196.42. This trade represents a 10.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 165,547 shares of company stock valued at $18,261,908. Corporate insiders own 2.02% of the company's stock.

PACCAR Company Profile

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.