Bank of Nova Scotia Has $17.45 Million Stake in PACCAR Inc. $PCAR

Key Points

• Bank of Nova Scotia cut its PACCAR stake by 64.5% in the first quarter, selling 274,899 shares and leaving it with 151,074 shares valued at about $17.45 million.
• PACCAR reported Q1 earnings of $1.15 per share, matching estimates, while revenue of $6.78 billion came in above expectations but was down 9.8% year over year.
• The company declared a quarterly dividend of $0.35 per share, payable Sept. 2, and analysts currently have a Hold consensus with an average price target of $124.18.

Bank of Nova Scotia reduced its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 64.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,074 shares of the company's stock after selling 274,899 shares during the quarter. Bank of Nova Scotia's holdings in PACCAR were worth $17,449,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PCAR. Ares Financial Consulting LLC bought a new position in PACCAR in the fourth quarter valued at approximately $27,000. Steph & Co. acquired a new stake in shares of PACCAR during the first quarter worth $29,000. MCF Advisors LLC raised its holdings in shares of PACCAR by 57.5% during the fourth quarter. MCF Advisors LLC now owns 252 shares of the company's stock worth $28,000 after acquiring an additional 92 shares during the period. Elyxium Wealth LLC bought a new stake in PACCAR in the 4th quarter valued at $30,000. Finally, Camelot Portfolios LLC acquired a new position in PACCAR in the 4th quarter worth $33,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Trading Up 1.1%

NASDAQ PCAR opened at $132.24 on Friday. PACCAR Inc. has a 12 month low of $92.25 and a 12 month high of $133.90. The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $119.00 and a 200-day moving average of $120.24. The company has a market cap of $69.60 billion, a PE ratio of 28.14, a PEG ratio of 1.21 and a beta of 0.97.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, hitting analysts' consensus estimates of $1.15. The business had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm's revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. On average, equities research analysts anticipate that PACCAR Inc. will post 5.66 EPS for the current fiscal year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR's dividend payout ratio (DPR) is 29.79%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley boosted their price target on PACCAR from $109.00 to $113.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Evercore set a $139.00 price target on PACCAR in a research report on Monday, May 11th. Weiss Ratings cut shares of PACCAR from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. lifted their price objective on shares of PACCAR from $140.00 to $155.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Finally, Truist Financial boosted their price objective on shares of PACCAR from $126.00 to $131.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Four research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $124.18.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company's products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR's core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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