PACCAR Inc (PCAR) Position Reduced by Bank of Nova Scotia

Bank of Nova Scotia lessened its position in PACCAR Inc (NASDAQ:PCAR) by 11.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 39,718 shares of the company’s stock after selling 5,057 shares during the period. Bank of Nova Scotia’s holdings in PACCAR were worth $2,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vigilant Capital Management LLC acquired a new stake in PACCAR in the 2nd quarter worth $105,000. Migdal Insurance & Financial Holdings Ltd. grew its position in PACCAR by 5,888.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,036 shares of the company’s stock worth $126,000 after purchasing an additional 2,002 shares during the last quarter. Point72 Asia Hong Kong Ltd grew its position in PACCAR by 1,202.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,423 shares of the company’s stock worth $160,000 after purchasing an additional 2,237 shares during the last quarter. CWM Advisors LLC acquired a new stake in PACCAR in the 2nd quarter worth $203,000. Finally, Sigma Planning Corp acquired a new stake in PACCAR in the 2nd quarter worth $207,000. Hedge funds and other institutional investors own 61.03% of the company’s stock.

In other PACCAR news, insider Darrin C. Siver sold 5,750 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $64.46, for a total value of $370,645.00. Following the transaction, the insider now directly owns 22,596 shares in the company, valued at $1,456,538.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Douglas S. Grandstaff sold 580 shares of the business’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $65.90, for a total transaction of $38,222.00. Following the completion of the transaction, the vice president now owns 5,891 shares in the company, valued at $388,216.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,634 shares of company stock worth $625,510. Company insiders own 2.64% of the company’s stock.

Several analysts have issued reports on the stock. Zacks Investment Research lowered shares of PACCAR from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub lowered shares of PACCAR from a “buy” rating to a “hold” rating in a research report on Wednesday. ValuEngine upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, August 18th. Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating in a research report on Monday, August 6th. Finally, Goldman Sachs Group lowered shares of PACCAR from a “buy” rating to a “neutral” rating and decreased their target price for the company from $79.69 to $60.36 in a research report on Wednesday, May 30th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the company’s stock. PACCAR presently has an average rating of “Hold” and a consensus price target of $71.64.

NASDAQ:PCAR opened at $69.25 on Wednesday. The stock has a market capitalization of $25.31 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.11 and a beta of 1.25. PACCAR Inc has a 12 month low of $59.82 and a 12 month high of $79.69. The company has a current ratio of 2.52, a quick ratio of 2.34 and a debt-to-equity ratio of 0.69.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 24th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.16. The firm had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.39 billion. PACCAR had a net margin of 9.39% and a return on equity of 22.68%. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 earnings per share. research analysts predict that PACCAR Inc will post 6.03 earnings per share for the current fiscal year.

PACCAR declared that its board has approved a share buyback plan on Monday, July 9th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 13th will be given a $0.28 dividend. The ex-dividend date is Friday, November 9th. This represents a $1.12 dividend on an annualized basis and a yield of 1.62%. PACCAR’s dividend payout ratio (DPR) is presently 26.29%.

PACCAR Profile

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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