Zurcher Kantonalbank Zurich Cantonalbank Has $19.19 Million Stake in PACCAR Inc (NASDAQ:PCAR)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of PACCAR Inc (NASDAQ:PCAR - Free Report) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 194,512 shares of the company's stock after selling 10,786 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in PACCAR were worth $19,194,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PCAR. Massachusetts Financial Services Co. MA grew its stake in PACCAR by 47.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company's stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares in the last quarter. Renaissance Technologies LLC acquired a new position in PACCAR in the second quarter worth approximately $88,437,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in PACCAR by 115.7% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company's stock valued at $106,047,000 after acquiring an additional 576,532 shares in the last quarter. Squarepoint Ops LLC lifted its stake in PACCAR by 3,019.7% in the second quarter. Squarepoint Ops LLC now owns 442,564 shares of the company's stock valued at $45,558,000 after acquiring an additional 428,378 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in PACCAR in the second quarter valued at approximately $39,238,000. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Stock Performance

PACCAR stock traded up $0.82 during trading hours on Friday, hitting $117.00. The stock had a trading volume of 1,069,530 shares, compared to its average volume of 2,605,578. The company has a market cap of $61.34 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 1.82 and a beta of 0.89. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The company has a 50-day moving average of $107.64 and a two-hundred day moving average of $103.35.

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

PACCAR Announces Dividend

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

Wall Street Analyst Weigh In

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

Insider Activity

In other PACCAR news, CEO R Preston Feight sold 27,191 shares of the business's stock in a transaction dated Friday, November 1st. The shares were 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. The trade was a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the sale, the vice president now directly owns 3,061 shares in the company, valued at $328,353.47. This represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,315 shares of company stock worth $6,358,552. Company insiders own 2.02% of the company's stock.

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.