PACCAR Inc. (NASDAQ:PCAR) Holdings Boosted by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in PACCAR Inc. by 122.1%, now owning a total of 134,410 shares valued at approximately $13.1 million.
• Multiple analysts have upgraded PACCAR's stock ratings, with UBS Group raising their price target from $81 to $100 and Argus setting a new target of $121.
• PACCAR reported quarterly earnings of $1.37 per share, exceeding estimates, while its revenue for the quarter was down 15.7% year-over-year at $6.96 billion.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 122.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,410 shares of the company's stock after purchasing an additional 73,899 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in PACCAR were worth $13,088,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. grew its stake in PACCAR by 666.7% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 276 shares of the company's stock worth $27,000 after purchasing an additional 240 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in PACCAR during the 1st quarter worth about $29,000. Sunbelt Securities Inc. lifted its holdings in PACCAR by 8,750.0% during the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company's stock worth $37,000 after buying an additional 350 shares during the last quarter. Bayforest Capital Ltd lifted its holdings in PACCAR by 234.2% during the 1st quarter. Bayforest Capital Ltd now owns 391 shares of the company's stock worth $38,000 after buying an additional 274 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in PACCAR during the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 64.90% of the company's stock.

PACCAR Trading Down 1.2%

Shares of PACCAR stock traded down $1.15 during trading hours on Friday, reaching $98.54. 545,943 shares of the company's stock were exchanged, compared to its average volume of 2,894,267. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $118.81. The firm has a market capitalization of $51.74 billion, a price-to-earnings ratio of 16.86, a price-to-earnings-growth ratio of 4.04 and a beta of 0.91. The company has a fifty day moving average of $96.24 and a 200-day moving average of $97.28. The company has a current ratio of 3.02, a quick ratio of 2.80 and a debt-to-equity ratio of 0.57.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. The company had revenue of $6.96 billion for the quarter, compared to analyst estimates of $7.02 billion. PACCAR had a return on equity of 18.25% and a net margin of 9.88%. The business's revenue for the quarter was down 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.13 EPS. Sell-side analysts forecast that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 14th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.3%. The ex-dividend date is Thursday, August 14th. PACCAR's dividend payout ratio is currently 22.60%.

Insider Buying and Selling at PACCAR

In other news, CEO R Preston Feight sold 39,965 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $99.52, for a total transaction of $3,977,316.80. Following the completion of the sale, the chief executive officer directly owned 223,190 shares in the company, valued at $22,211,868.80. This trade represents a 15.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brice J. Poplawski sold 5,000 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.94, for a total value of $504,700.00. Following the sale, the chief financial officer owned 468 shares of the company's stock, valued at $47,239.92. This represents a 91.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup boosted their target price on PACCAR from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wall Street Zen raised PACCAR from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. boosted their target price on PACCAR from $95.00 to $97.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada reduced their price objective on PACCAR from $106.00 to $97.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, UBS Group raised PACCAR from a "sell" rating to a "neutral" rating and upped their price objective for the company from $81.00 to $100.00 in a research note on Wednesday, July 23rd. Nine investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, PACCAR currently has an average rating of "Moderate Buy" and an average target price of $107.77.

PACCAR Company 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.