Investment Management Corp of Ontario Buys 5,800 Shares of PACCAR Inc (NASDAQ:PCAR)

Investment Management Corp of Ontario boosted its position in PACCAR Inc (NASDAQ:PCAR) by 8.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 74,938 shares of the company’s stock after acquiring an additional 5,800 shares during the quarter. Investment Management Corp of Ontario’s holdings in PACCAR were worth $7,395,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its holdings in PACCAR by 3.0% during the 3rd quarter. Janus Henderson Group PLC now owns 65,511 shares of the company’s stock valued at $6,464,000 after acquiring an additional 1,900 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in PACCAR by 15.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 2,168,225 shares of the company’s stock worth $213,960,000 after purchasing an additional 286,600 shares during the last quarter. HighTower Advisors LLC lifted its position in PACCAR by 9.7% during the third quarter. HighTower Advisors LLC now owns 232,398 shares of the company’s stock valued at $22,970,000 after purchasing an additional 20,469 shares during the period. Hilltop Holdings Inc. grew its stake in PACCAR by 49.3% in the 3rd quarter. Hilltop Holdings Inc. now owns 8,266 shares of the company’s stock valued at $816,000 after acquiring an additional 2,728 shares during the period. Finally, B&L Asset Management LLC purchased a new position in PACCAR during the third quarter worth approximately $222,000. 64.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other PACCAR news, CFO Harrie Schippers sold 20,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $106.93, for a total value of $2,138,600.00. Following the transaction, the chief financial officer now directly owns 105,558 shares in the company, valued at approximately $11,287,316.94. This trade represents a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO R Preston Feight sold 27,191 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock valued at $6,358,552 in the last 90 days. Corporate insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $99.00 to $129.00 in a research note on Wednesday, November 13th. Morgan Stanley lowered their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $119.00 price objective on shares of PACCAR in a research report on Monday, November 4th. Citigroup raised their price objective on shares of PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 20th. Finally, BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, PACCAR presently has an average rating of “Hold” and an average price target of $117.64.

PACCAR Price Performance

PCAR opened at $116.24 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. The firm has a market cap of $60.94 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.83 and a beta of 0.91. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50. The company has a fifty day simple moving average of $107.64 and a 200 day simple moving average of $103.28.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same period last year, the business earned $2.34 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. Equities research analysts expect that PACCAR Inc will post 7.98 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 annualized dividend and a yield of 1.03%. PACCAR’s dividend payout ratio is 13.41%.

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.