CIBC Bancorp USA Inc. Takes Position in PACCAR Inc. $PCAR

Key Points

• CIBC Bancorp USA bought a new stake of 91,666 shares of PACCAR in Q3, valued at about $9.01 million, while institutional investors now own roughly 64.90% of the company.
• Significant insider selling occurred last quarter — insiders sold 133,105 shares worth $16.87 million (including CFO Brice Poplawski and VP Paulo Henrique Bolgar), leaving corporate insiders with about 2.02% ownership.
• PACCAR reported Q quarterly EPS of $1.06 (in line) and revenue of $6.82 billion (beat estimates but down 15.1% YoY); the stock trades near $111 with a $58.6B market cap, a PE of 24.67, and an average analyst rating of Hold with a $116.18 consensus price target.

CIBC Bancorp USA Inc. purchased a new stake in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 91,666 shares of the company's stock, valued at approximately $9,013,000.

Several other hedge funds have also added to or reduced their stakes in PCAR. Private Wealth Management Group LLC increased its position in PACCAR by 293.1% in the third quarter. Private Wealth Management Group LLC now owns 283 shares of the company's stock worth $28,000 after purchasing an additional 211 shares during the period. Wealth Watch Advisors INC acquired a new position in PACCAR during the 3rd quarter valued at about $32,000. AlphaQuest LLC acquired a new position in PACCAR during the 3rd quarter valued at about $38,000. Westside Investment Management Inc. boosted its stake in shares of PACCAR by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 432 shares of the company's stock valued at $42,000 after purchasing an additional 216 shares during the last quarter. Finally, Rothschild Investment LLC boosted its stake in shares of PACCAR by 121.4% in the 3rd quarter. Rothschild Investment LLC now owns 828 shares of the company's stock valued at $81,000 after purchasing an additional 454 shares during the last quarter. Institutional investors own 64.90% of the company's stock.

PACCAR Price Performance

PACCAR stock opened at $111.26 on Friday. The stock's fifty day moving average price is $122.54 and its two-hundred day moving average price is $109.65. The firm has a market cap of $58.55 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 0.95 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.98 and a quick ratio of 2.79. PACCAR Inc. has a one year low of $84.65 and a one year high of $131.88.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting analysts' consensus estimates of $1.06. The company had revenue of $6.82 billion for the quarter, compared to analysts' expectations of $6.06 billion. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.PACCAR's revenue was down 15.1% on a year-over-year basis. During the same quarter last year, the business earned $1.66 earnings per share. As a group, research analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 2,200 shares of the business's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total transaction of $286,902.00. Following the completion of the transaction, the chief financial officer directly owned 903 shares in the company, valued at $117,760.23. The trade was a 70.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paulo Henrique Bolgar sold 12,183 shares of the company's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $122.43, for a total value of $1,491,564.69. Following the sale, the vice president owned 6,274 shares of the company's stock, valued at $768,125.82. The trade was a 66.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 133,105 shares of company stock worth $16,869,046. Corporate insiders own 2.02% of the company's stock.

Analyst Upgrades and Downgrades

PCAR has been the subject of a number of recent research reports. Morgan Stanley set a $109.00 price target on shares of PACCAR and gave the stock an "equal weight" rating in a research note on Tuesday, February 3rd. Citigroup raised their price objective on shares of PACCAR from $120.00 to $125.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Wells Fargo & Company set a $119.00 target price on shares of PACCAR and gave the company an "equal weight" rating in a research report on Friday, January 23rd. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Truist Financial raised their price target on PACCAR from $108.00 to $120.00 and gave the stock a "hold" rating in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $116.18.

PACCAR 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.