Toronto Dominion Bank Cuts Holdings in PACCAR Inc (NASDAQ:PCAR)

Toronto Dominion Bank reduced its position in PACCAR Inc (NASDAQ:PCAR) by 13.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 260,907 shares of the company’s stock after selling 41,836 shares during the quarter. Toronto Dominion Bank’s holdings in PACCAR were worth $26,858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in PCAR. Miracle Mile Advisors LLC raised its position in PACCAR by 3.8% in the first quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock valued at $307,000 after purchasing an additional 91 shares during the period. Security National Bank raised its position in PACCAR by 4.2% in the second quarter. Security National Bank now owns 2,328 shares of the company’s stock valued at $240,000 after purchasing an additional 93 shares during the period. Brookstone Capital Management raised its position in PACCAR by 4.1% in the second quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock valued at $258,000 after purchasing an additional 94 shares during the period. Morningstar Investment Management LLC raised its position in PACCAR by 1.3% in the fourth quarter. Morningstar Investment Management LLC now owns 7,575 shares of the company’s stock valued at $740,000 after purchasing an additional 97 shares during the period. Finally, Graypoint LLC raised its position in PACCAR by 2.9% in the first quarter. Graypoint LLC now owns 3,557 shares of the company’s stock valued at $441,000 after purchasing an additional 99 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

PACCAR Stock Down 0.3 %

NASDAQ:PCAR opened at $97.81 on Friday. The company has a market capitalization of $51.27 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 1.53 and a beta of 0.91. PACCAR Inc has a one year low of $80.94 and a one year high of $125.50. The stock has a 50-day simple moving average of $96.42 and a 200 day simple moving average of $105.81. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The firm had revenue of $8.26 billion during 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 firm’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the business posted $2.33 earnings per share. Sell-side analysts predict that PACCAR Inc will post 8.08 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.23%. PACCAR’s payout ratio is currently 12.45%.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of PACCAR stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the transaction, 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 hyperlink. 2.02% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on PCAR shares. Raymond James started coverage on PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. dropped their target price on PACCAR from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 24th. Truist Financial dropped their target price on PACCAR from $115.00 to $107.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Evercore ISI dropped their target price on PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $112.73.

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.