Bank of Nova Scotia Buys 87,323 Shares of PACCAR Inc (NASDAQ:PCAR)

Bank of Nova Scotia raised its stake in PACCAR Inc (NASDAQ:PCARGet Rating) by 191.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 132,843 shares of the company’s stock after acquiring an additional 87,323 shares during the period. Bank of Nova Scotia’s holdings in PACCAR were worth $10,938,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in PACCAR by 2.0% in the first quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock worth $3,213,241,000 after purchasing an additional 698,784 shares in the last quarter. BlackRock Inc. boosted its stake in PACCAR by 1.2% in the first quarter. BlackRock Inc. now owns 24,024,912 shares of the company’s stock worth $2,115,872,000 after purchasing an additional 273,389 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in PACCAR by 17.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 8,980,211 shares of the company’s stock worth $790,887,000 after purchasing an additional 1,334,765 shares in the last quarter. Wellington Management Group LLP boosted its stake in PACCAR by 249.2% in the first quarter. Wellington Management Group LLP now owns 3,845,387 shares of the company’s stock worth $338,663,000 after purchasing an additional 2,744,040 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in PACCAR by 1.8% in the first quarter. Principal Financial Group Inc. now owns 3,750,183 shares of the company’s stock worth $330,279,000 after purchasing an additional 66,161 shares in the last quarter. 64.17% of the stock is currently owned by institutional investors.

PACCAR Trading Up 0.7 %

NASDAQ:PCAR opened at $102.62 on Monday. PACCAR Inc has a 1-year low of $77.00 and a 1-year high of $103.14. The business’s 50-day moving average price is $90.21 and its two-hundred day moving average price is $87.53. The company has a current ratio of 2.66, a quick ratio of 2.38 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $35.69 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.26 and a beta of 0.90.

PACCAR (NASDAQ:PCARGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.21. PACCAR had a return on equity of 21.24% and a net margin of 9.50%. The company had revenue of $6.69 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the prior year, the company earned $1.08 earnings per share. The company’s revenue for the quarter was up 41.1% compared to the same quarter last year. On average, equities analysts expect that PACCAR Inc will post 8.15 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 15th will be issued a $0.37 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.34. This represents a $1.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Monday, November 14th. PACCAR’s dividend payout ratio is 18.21%.

Analysts Set New Price Targets

A number of equities analysts have commented on PCAR shares. Credit Suisse Group boosted their price objective on PACCAR from $104.00 to $107.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 26th. Citigroup upped their price target on PACCAR to $96.00 in a research note on Thursday, October 27th. Morgan Stanley upped their price target on PACCAR from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 26th. StockNews.com lowered PACCAR from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 7th. Finally, Vertical Research lowered PACCAR from a “buy” rating to a “hold” rating and upped their price target for the company from $100.00 to $102.00 in a research note on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.36.

Insiders Place Their Bets

In other PACCAR news, CFO Harrie Schippers sold 29,052 shares of the stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $95.64, for a total value of $2,778,533.28. Following the completion of the sale, the chief financial officer now directly owns 53,246 shares in the company, valued at $5,092,447.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO R Preston Feight sold 13,900 shares of the stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $95.77, for a total transaction of $1,331,203.00. Following the completion of the transaction, the chief executive officer now directly owns 62,377 shares in the company, valued at $5,973,845.29. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harrie Schippers sold 29,052 shares of the stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $95.64, for a total value of $2,778,533.28. Following the transaction, the chief financial officer now owns 53,246 shares of the company’s stock, valued at $5,092,447.44. The disclosure for this sale can be found here. Insiders sold 43,443 shares of company stock worth $4,156,381 over the last ninety days. 2.05% of the stock is currently owned by corporate insiders.

PACCAR Company Profile

(Get Rating)

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, 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.

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Institutional Ownership by Quarter for PACCAR (NASDAQ:PCAR)

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