Bank of Nova Scotia Takes Position in PACCAR Inc. $PCAR

Bank of Nova Scotia acquired a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 55,327 shares of the company's stock, valued at approximately $6,646,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. grew its stake in PACCAR by 2.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company's stock valued at $45,281,000 after acquiring an additional 9,524 shares during the last quarter. Geode Capital Management LLC raised its position in PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company's stock worth $1,350,867,000 after acquiring an additional 50,622 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in PACCAR by 118.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company's stock worth $69,943,000 after acquiring an additional 345,937 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab purchased a new stake in shares of PACCAR in the first quarter valued at about $9,273,000. Finally, Mengis Capital Management Inc. lifted its holdings in shares of PACCAR by 16.1% in the fourth quarter. Mengis Capital Management Inc. now owns 111,486 shares of the company's stock valued at $12,209,000 after purchasing an additional 15,440 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Stock Performance

PACCAR stock opened at $129.22 on Wednesday. The stock has a fifty day moving average price of $126.83 and a 200 day moving average price of $121.90. PACCAR Inc. has a 52 week low of $92.25 and a 52 week high of $139.24. The firm has a market capitalization of $68.02 billion, a P/E ratio of 27.15, a PEG ratio of 1.02 and a beta of 0.97. The company has a current ratio of 3.12, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%.The firm's quarterly revenue was up .5% on a year-over-year basis. During the same period last year, the company earned $1.37 EPS. Equities research analysts anticipate that PACCAR Inc. will post 5.89 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. PACCAR's dividend payout ratio (DPR) is currently 29.41%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of PACCAR from $125.00 to $157.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. JPMorgan Chase & Co. upped their target price on PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Truist Financial increased their target price on PACCAR from $126.00 to $131.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Finally, Evercore set a $139.00 price target on PACCAR in a research report on Monday, May 11th. Two analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $131.70.

Insider Activity at PACCAR

In related news, VP Paulo Henrique Bolgar sold 2,897 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.90, for a total value of $387,908.30. Following the completion of the sale, the vice president directly owned 3,831 shares in the company, valued at approximately $512,970.90. The trade was a 43.06% 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 the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $132.50, for a total transaction of $261,025.00. Following the transaction, the chief financial officer directly owned 1,391 shares of the company's stock, valued at $184,307.50. This trade represents a 58.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 over the last three months. Insiders own 1.99% of the company's stock.

PACCAR Company Profile

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.

Want to see what other hedge funds are holding PCAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PACCAR Inc. (NASDAQ:PCAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source