Canada Pension Plan Investment Board Reduces Position in PACCAR Inc (NASDAQ:PCAR)

Canada Pension Plan Investment Board cut its position in PACCAR Inc (NASDAQ:PCAR) by 7.3% during the second quarter, HoldingsChannel reports. The firm owned 375,831 shares of the company’s stock after selling 29,389 shares during the quarter. Canada Pension Plan Investment Board’s holdings in PACCAR were worth $38,688,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Granite Investment Partners LLC increased its position in shares of PACCAR by 12.9% in the 2nd quarter. Granite Investment Partners LLC now owns 143,343 shares of the company’s stock valued at $14,756,000 after purchasing an additional 16,426 shares during the last quarter. Ieq Capital LLC grew its position in shares of PACCAR by 8.0% in the 2nd quarter. Ieq Capital LLC now owns 20,958 shares of the company’s stock valued at $2,157,000 after buying an additional 1,555 shares during the last quarter. Intech Investment Management LLC grew its position in shares of PACCAR by 86.1% in the 2nd quarter. Intech Investment Management LLC now owns 68,609 shares of the company’s stock valued at $7,063,000 after buying an additional 31,750 shares during the last quarter. Inspire Investing LLC grew its position in shares of PACCAR by 6.0% in the 2nd quarter. Inspire Investing LLC now owns 70,889 shares of the company’s stock valued at $7,297,000 after buying an additional 4,027 shares during the last quarter. Finally, MQS Management LLC purchased a new position in shares of PACCAR in the 2nd quarter valued at $898,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PCAR shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Raymond James began coverage on shares of PACCAR in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Evercore ISI lowered their price objective on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. JPMorgan Chase & Co. lowered their price objective on shares of PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 24th. Finally, StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $112.73.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares in the company, valued at $16,066,583.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.02% of the stock is currently owned by company insiders.

PACCAR Stock Performance

Shares of PCAR opened at $98.91 on Friday. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The stock has a market cap of $51.85 billion, a P/E ratio of 10.26, a PEG ratio of 1.48 and a beta of 0.91. The company has a 50-day moving average of $96.95 and a two-hundred day moving average of $106.15. PACCAR Inc has a 12-month low of $80.94 and a 12-month high of $125.50.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. As a group, research analysts predict that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR’s payout ratio is currently 12.45%.

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.