Mackenzie Financial Corp Decreases Stock Holdings in PACCAR Inc (NASDAQ:PCAR)

Mackenzie Financial Corp lowered its stake in shares of PACCAR Inc (NASDAQ:PCAR) by 8.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 70,384 shares of the company’s stock after selling 6,341 shares during the period. Mackenzie Financial Corp’s holdings in PACCAR were worth $6,873,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in PACCAR by 2.0% during the first quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock worth $3,213,241,000 after buying an additional 698,784 shares in the last quarter. State Street Corp lifted its holdings in shares of PACCAR by 49.0% in the first quarter. State Street Corp now owns 21,345,321 shares of the company’s stock valued at $1,562,477,000 after purchasing an additional 7,020,923 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of PACCAR by 53.3% in the first quarter. Geode Capital Management LLC now owns 11,742,555 shares of the company’s stock valued at $858,948,000 after purchasing an additional 4,082,677 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of PACCAR by 0.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,587,576 shares of the company’s stock valued at $730,116,000 after purchasing an additional 23,865 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of PACCAR by 6.0% in the third quarter. Northern Trust Corp now owns 5,540,803 shares of the company’s stock valued at $471,079,000 after purchasing an additional 316,001 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PCAR. Morgan Stanley began coverage on shares of PACCAR in a report on Monday, January 8th. They issued an “overweight” rating and a $125.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Truist Financial assumed coverage on shares of PACCAR in a research report on Thursday, March 14th. They issued a “hold” rating and a $117.00 price objective for the company. TD Cowen boosted their price objective on shares of PACCAR from $91.00 to $108.00 and gave the company a “market perform” rating in a research report on Wednesday, January 24th. Finally, The Goldman Sachs Group boosted their price objective on shares of PACCAR from $106.00 to $121.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.82.

PACCAR Stock Performance

Shares of PCAR stock opened at $111.19 on Friday. PACCAR Inc has a one year low of $68.40 and a one year high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.21 and a current ratio of 2.40. The company has a 50 day moving average price of $115.97 and a 200 day moving average price of $100.96. The firm has a market capitalization of $58.26 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.67 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, January 23rd. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.45. PACCAR had a net margin of 13.10% and a return on equity of 33.17%. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.48 billion. During the same period in the previous year, the firm earned $1.76 earnings per share. PACCAR’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that PACCAR Inc will post 8.21 EPS for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Thursday, February 15th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.08 annualized dividend and a yield of 0.97%. PACCAR’s dividend payout ratio is currently 12.31%.

Insiders Place Their Bets

In other PACCAR news, Chairman Mark C. Pigott sold 74,347 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total transaction of $7,578,189.71. Following the completion of the sale, the chairman now directly owns 4,843,277 shares in the company, valued at $493,675,224.61. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Harrie Schippers sold 5,000 shares of the company’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $102.27, for a total value of $511,350.00. Following the completion of the transaction, the chief financial officer now directly owns 103,547 shares in the company, valued at $10,589,751.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark C. Pigott sold 74,347 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total transaction of $7,578,189.71. Following the completion of the transaction, the chairman now owns 4,843,277 shares of the company’s stock, valued at $493,675,224.61. The disclosure for this sale can be found here. Insiders sold a total of 153,496 shares of company stock worth $15,834,812 over the last ninety days. 2.02% of the stock is owned by company insiders.

PACCAR 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.