TD Asset Management Inc Trims Holdings in PACCAR Inc. $PCAR

Key Points

• TD Asset Management Inc reduced its holdings in PACCAR Inc by 7.0% in the second quarter, owning approximately 1.9 million shares valued at $180.7 million after selling 143,575 shares.
• In recent transactions, PACCAR's CEO and CFO sold significant shares, with CEO R Preston Feight selling nearly 40,000 shares and CFO Brice J. Poplawski selling 5,000 shares, leading to a substantial decrease in their ownership percentages.
• PACCAR has shown a recent quarterly revenue decline of 15.7% compared to the previous year, but reported an earnings per share of $1.37, exceeding analyst expectations of $1.28.

TD Asset Management Inc trimmed its position in PACCAR Inc. (NASDAQ:PCAR - Free Report) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,901,312 shares of the company's stock after selling 143,575 shares during the quarter. TD Asset Management Inc owned about 0.36% of PACCAR worth $180,739,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. FORA Capital LLC purchased a new position in shares of PACCAR in the first quarter worth about $597,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of PACCAR by 62.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company's stock worth $3,533,000 after purchasing an additional 13,904 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in PACCAR by 51.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company's stock worth $1,262,000 after acquiring an additional 4,429 shares during the period. Moran Wealth Management LLC grew its holdings in PACCAR by 28.8% during the first quarter. Moran Wealth Management LLC now owns 235,167 shares of the company's stock worth $22,898,000 after acquiring an additional 52,525 shares during the period. Finally, Stack Financial Management Inc acquired a new stake in PACCAR during the first quarter worth about $20,585,000. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO R Preston Feight sold 39,965 shares of PACCAR 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 sale, the chief executive officer directly owned 223,190 shares of the company's stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brice J. Poplawski sold 5,000 shares of PACCAR 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 disclosure for this sale can be found here. Insiders own 2.02% of the company's stock.

Wall Street Analyst Weigh In

PCAR has been the topic of several analyst reports. Truist Financial set a $97.00 target price on PACCAR and gave the stock a "hold" rating in a report on Wednesday, October 8th. Zacks Research lowered PACCAR from a "hold" rating to a "strong sell" rating in a report on Friday, October 10th. Citigroup raised their target price on PACCAR from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Argus raised PACCAR from a "hold" rating to a "buy" rating and set a $121.00 target price on the stock in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. raised their target price on PACCAR from $97.00 to $103.00 and gave the stock a "neutral" rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $108.14.

PACCAR Stock Up 2.0%

Shares of PCAR opened at $95.11 on Wednesday. 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 Inc. has a 12 month low of $84.65 and a 12 month high of $118.81. The stock's 50 day moving average is $98.60 and its two-hundred day moving average is $95.48. The firm has a market cap of $49.94 billion, a P/E ratio of 16.29, a PEG ratio of 3.80 and a beta of 0.94.

PACCAR (NASDAQ:PCAR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $1.37 EPS for the quarter, beating the consensus estimate 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%.PACCAR's quarterly revenue was down 15.7% compared to the same quarter last year. During the same period last year, the company earned $2.13 earnings per share. Analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.4%. PACCAR's payout ratio is currently 22.60%.

About PACCAR

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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