PACCAR Inc. (NASDAQ:PCAR) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its holdings in PACCAR Inc. by 3.7%, owning 71,906 shares valued at $7,001,000 after selling 2,761 shares in the first quarter.
• PACCAR reported $1.37 earnings per share, exceeding analysts' estimates of $1.28, despite a 15.7% decline in revenue from the previous year.
• The company announced a quarterly dividend of $0.33 per share, with an annualized yield of 1.4%, set to be paid on September 4th.

Bank of Nova Scotia lessened its holdings in shares of PACCAR Inc. (NASDAQ:PCAR - Free Report) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,906 shares of the company's stock after selling 2,761 shares during the quarter. Bank of Nova Scotia's holdings in PACCAR were worth $7,001,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PCAR. E Fund Management Hong Kong Co. Ltd. lifted its holdings 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 buying an additional 240 shares during the last quarter. Alpine Bank Wealth Management bought a new position in PACCAR during the 1st quarter worth approximately $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, JFS Wealth Advisors LLC lifted its holdings in PACCAR by 64.9% during the 1st quarter. JFS Wealth Advisors LLC now owns 442 shares of the company's stock worth $43,000 after buying an additional 174 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on PCAR shares. Truist Financial reduced their target price on PACCAR from $102.00 to $98.00 and set a "hold" rating on the stock in a report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their target price on PACCAR from $95.00 to $97.00 and gave the stock a "neutral" rating in a report on Wednesday, July 23rd. Morgan Stanley downgraded PACCAR from an "overweight" rating to an "equal weight" rating and set a $96.00 target price on the stock. in a report on Wednesday, April 16th. UBS Group upgraded PACCAR from a "sell" rating to a "neutral" rating and increased their price target for the stock from $81.00 to $100.00 in a research report on Wednesday, July 23rd. Finally, Evercore ISI dropped their price target on PACCAR from $127.00 to $115.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Nine research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.77.

PACCAR Stock Performance

Shares of PCAR stock opened at $96.34 on Tuesday. PACCAR Inc. has a 12-month low of $84.65 and a 12-month high of $118.81. The firm has a market capitalization of $50.57 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 3.85 and a beta of 0.91. The business has a 50 day simple moving average of $95.47 and a 200 day simple moving average of $97.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.02 and a quick ratio of 2.80.

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

PACCAR Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Thursday, August 14th. PACCAR's dividend payout ratio is 22.60%.

Insider Buying and Selling

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

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.

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