Bank of Nova Scotia Purchases 165,849 Shares of PACCAR Inc. $PCAR

Bank of Nova Scotia boosted its position in PACCAR Inc. (NASDAQ:PCAR) by 91.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 348,083 shares of the company’s stock after buying an additional 165,849 shares during the period. Bank of Nova Scotia owned approximately 0.07% of PACCAR worth $34,224,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Boothbay Fund Management LLC acquired a new position in shares of PACCAR in the 3rd quarter valued at about $2,915,000. Lazard Asset Management LLC grew its stake in PACCAR by 27.7% during the third quarter. Lazard Asset Management LLC now owns 5,828 shares of the company’s stock worth $573,000 after purchasing an additional 1,264 shares during the period. Creative Planning increased its holdings in PACCAR by 12.2% in the third quarter. Creative Planning now owns 78,676 shares of the company’s stock worth $7,735,000 after purchasing an additional 8,567 shares in the last quarter. AQR Capital Management LLC increased its holdings in PACCAR by 48.5% in the third quarter. AQR Capital Management LLC now owns 1,217,142 shares of the company’s stock worth $119,669,000 after purchasing an additional 397,361 shares in the last quarter. Finally, Ancora Advisors LLC lifted its stake in PACCAR by 43.6% in the third quarter. Ancora Advisors LLC now owns 151,021 shares of the company’s stock valued at $14,848,000 after buying an additional 45,820 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Price Performance

PCAR stock opened at $115.34 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98. The business has a 50-day simple moving average of $122.79 and a two-hundred day simple moving average of $109.30. The company has a market capitalization of $60.66 billion, a P/E ratio of 25.57, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $131.88.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The firm had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business posted $1.66 earnings per share. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. Research analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

Insider Buying and Selling at PACCAR

In related news, EVP Kevin D. Baney sold 9,672 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $126.53, for a total value of $1,223,798.16. Following the completion of the sale, the executive vice president directly owned 12,592 shares of the company’s stock, valued at approximately $1,593,265.76. This represents a 43.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brice J. Poplawski sold 2,200 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the sale, the chief financial officer directly owned 903 shares of the company’s stock, valued at $117,760.23. The trade was a 70.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 133,105 shares of company stock valued at $16,869,046 in the last three months. Insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Truist Financial raised their price objective on shares of PACCAR from $108.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. Morgan Stanley set a $109.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research report on Tuesday, February 3rd. Citigroup increased their target price on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. Wells Fargo & Company set a $119.00 price target on shares of PACCAR and gave the stock an “equal weight” rating in a report on Friday, January 23rd. Finally, Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, PACCAR currently has an average rating of “Hold” and an average target price of $116.50.

PACCAR Company 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.