CIBC Asset Management Inc Buys 55,970 Shares of PACCAR Inc. $PCAR

CIBC Asset Management Inc increased its stake in PACCAR Inc. (NASDAQ:PCAR) by 32.1% during the fourth quarter, HoldingsChannel reports. The firm owned 230,346 shares of the company’s stock after acquiring an additional 55,970 shares during the period. CIBC Asset Management Inc’s holdings in PACCAR were worth $25,225,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of PACCAR by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after purchasing an additional 363,782 shares during the period. Geode Capital Management LLC raised its holdings in shares of PACCAR by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares during the period. Norges Bank bought a new stake in shares of PACCAR in the 4th quarter worth approximately $727,745,000. Capital Research Global Investors raised its holdings in shares of PACCAR by 20.3% in the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock worth $587,084,000 after purchasing an additional 1,009,134 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of PACCAR by 3.5% in the 3rd quarter. Invesco Ltd. now owns 5,396,888 shares of the company’s stock worth $530,622,000 after purchasing an additional 184,502 shares during the period. Institutional investors own 64.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PCAR. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $150.00 to $140.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. BNP Paribas Exane began coverage on shares of PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price on the stock. Sanford C. Bernstein reissued an “outperform” rating on shares of PACCAR in a report on Tuesday, February 24th. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Finally, Truist Financial boosted their target price on shares of PACCAR from $120.00 to $126.00 and gave the company a “hold” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, PACCAR presently has an average rating of “Hold” and a consensus target price of $122.00.

PACCAR Trading Up 1.3%

PACCAR stock opened at $114.38 on Thursday. The stock has a market cap of $60.20 billion, a P/E ratio of 24.34, a PEG ratio of 1.05 and a beta of 0.98. PACCAR Inc. has a fifty-two week low of $90.05 and a fifty-two week high of $131.88. The firm’s fifty day moving average price is $117.30 and its 200-day moving average price is $116.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.91 and a current ratio of 3.11.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Equities research analysts forecast that PACCAR Inc. will post 5.59 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Wednesday, May 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This is an increase from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. PACCAR’s payout ratio is currently 29.79%.

PACCAR Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.