Toronto Dominion Bank Cuts Stake in PACCAR Inc (NASDAQ:PCAR)

Toronto Dominion Bank reduced its holdings in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,379 shares of the company's stock after selling 24,528 shares during the quarter. Toronto Dominion Bank's holdings in PACCAR were worth $23,326,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mengis Capital Management Inc. raised its holdings in shares of PACCAR by 2.9% in the third quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company's stock valued at $18,863,000 after purchasing an additional 5,433 shares during the last quarter. Fisher Asset Management LLC increased its stake in PACCAR by 1.8% in the 3rd quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock valued at $511,254,000 after buying an additional 89,245 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of PACCAR by 2.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 278,304 shares of the company's stock worth $27,463,000 after buying an additional 7,189 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of PACCAR by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,052,899 shares of the company's stock worth $301,260,000 after buying an additional 47,855 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of PACCAR by 28.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company's stock worth $2,552,000 after buying an additional 5,437 shares during the last quarter. 64.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,191 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the transaction, the chief executive officer now owns 171,776 shares of the company's stock, valued at approximately $17,782,251.52. The trade was a 13.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the company's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now owns 3,061 shares in the company, valued at approximately $328,353.47. This trade represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,315 shares of company stock worth $6,358,552 in the last three months. 2.02% of the stock is currently owned by corporate insiders.

PACCAR Stock Performance

PCAR stock traded up $0.21 during midday trading on Friday, reaching $113.01. 1,484,711 shares of the company's stock traded hands, compared to its average volume of 2,576,802. The firm has a market capitalization of $59.25 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.82 and a beta of 0.91. The company has a 50-day moving average price of $110.76 and a two-hundred day moving average price of $103.89. PACCAR Inc has a 52 week low of $90.04 and a 52 week 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.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $8.24 billion for the quarter, compared to analysts' expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm's quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, equities analysts anticipate that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The company also recently announced a dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 20th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, December 20th. This is a positive change from PACCAR's previous dividend of $0.89. PACCAR's dividend payout ratio is 13.41%.

Wall Street Analysts Forecast Growth

PCAR has been the topic of a number of recent analyst reports. BNP Paribas upgraded PACCAR to a "hold" rating in a report on Wednesday, October 16th. Morgan Stanley lowered their target price on PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI upgraded shares of PACCAR from an "in-line" rating to an "outperform" rating and increased their price target for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lowered their price objective on shares of PACCAR from $125.00 to $122.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $118.25.

PACCAR 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.