Cibc World Market Inc. Invests $9.16 Million in PACCAR Inc. $PCAR

Key Points

• Cibc World Market Inc. acquired 76,269 PACCAR shares worth approximately $9.16 million during the second quarter. Institutional investors collectively own 64.90% of the company.
• Analysts remain broadly cautious, with two Buy ratings and eleven Holds; PACCAR has an average rating of “Hold” and a consensus price target of $131.70.
• PACCAR exceeded quarterly expectations, reporting $1.43 in earnings per share and $7.55 billion in revenue. The company also declared a quarterly dividend of $0.35 per share, equivalent to a 1.1% annualized yield.

Cibc World Market Inc. acquired a new stake in PACCAR Inc. (NASDAQ:PCAR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 76,269 shares of the company's stock, valued at approximately $9,161,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. OMERS ADMINISTRATION Corp purchased a new position in shares of PACCAR during the 2nd quarter valued at $6,415,000. Osmosis Investment Management UK Ltd purchased a new stake in PACCAR in the 2nd quarter worth about $1,879,000. Sanctuary Advisors LLC purchased a new stake in PACCAR in the 2nd quarter worth about $2,038,000. Solstein Capital LLC bought a new stake in PACCAR in the 2nd quarter valued at about $93,000. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new stake in PACCAR in the 2nd quarter valued at about $1,409,000. 64.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Truist Financial increased their target price 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. Citigroup upped their price target on shares of PACCAR from $125.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a "hold (c+)" rating on shares of PACCAR in a research note on Tuesday, August 18th. JPMorgan Chase & Co. boosted their target price on shares of PACCAR from $155.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on PACCAR in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $131.70.

Insider Transactions at PACCAR

In other news, CFO Brice J. Poplawski sold 1,970 shares of the stock in a transaction dated 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 in the company, valued at approximately $184,307.50. This represents a 58.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William Lance Walters sold 1,000 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.50, for a total value of $133,500.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 56,842 shares of company stock worth $7,565,677. 1.99% of the stock is currently owned by company insiders.

PACCAR Stock Down 0.8%

Shares of NASDAQ PCAR opened at $129.94 on Tuesday. 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 Inc. has a 12 month low of $92.25 and a 12 month high of $139.24. The firm has a market capitalization of $68.40 billion, a price-to-earnings ratio of 27.30, a PEG ratio of 1.03 and a beta of 0.97. The business has a 50-day moving average of $126.66 and a 200-day moving average of $121.89.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. The firm had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.05 billion. During the same quarter last year, the company posted $1.37 EPS. The business's quarterly revenue was up .5% on a year-over-year basis. Sell-side analysts expect that PACCAR Inc. will post 5.89 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR's dividend payout ratio (DPR) is presently 29.41%.

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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