Connor Clark & Lunn Investment Management Ltd. Decreases Position in PACCAR Inc (NASDAQ:PCAR)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in PACCAR Inc (NASDAQ:PCAR) by 98.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,565 shares of the company’s stock after selling 125,330 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PACCAR were worth $253,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Commerce Bank lifted its stake in PACCAR by 3.7% in the 3rd quarter. Commerce Bank now owns 27,202 shares of the company’s stock worth $2,684,000 after purchasing an additional 981 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of PACCAR by 1.1% in the third quarter. PNC Financial Services Group Inc. now owns 371,719 shares of the company’s stock valued at $36,681,000 after purchasing an additional 3,924 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in PACCAR during the third quarter worth approximately $2,157,000. Banque Cantonale Vaudoise boosted its stake in PACCAR by 73.9% during the third quarter. Banque Cantonale Vaudoise now owns 10,291 shares of the company’s stock worth $1,016,000 after buying an additional 4,372 shares during the last quarter. Finally, LGT Capital Partners LTD. grew its holdings in PACCAR by 32.0% in the 3rd quarter. LGT Capital Partners LTD. now owns 574,965 shares of the company’s stock valued at $56,738,000 after buying an additional 139,270 shares in the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. BNP Paribas raised shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reduced their target price on PACCAR from $125.00 to $122.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Citigroup increased their price target on PACCAR from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, November 20th. Evercore ISI upgraded shares of 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 report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $117.64.

Insiders Place Their Bets

In other news, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now directly owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,315 shares of company stock worth $6,358,552. Company insiders own 2.02% of the company’s stock.

PACCAR Price Performance

Shares of PCAR opened at $117.00 on Monday. PACCAR Inc has a 12 month low of $90.04 and a 12 month high of $125.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The stock has a fifty day moving average price of $107.64 and a 200 day moving average price of $103.28. The company has a market cap of $61.34 billion, a P/E ratio of 13.07, a PEG ratio of 1.83 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter in the prior year, the company posted $2.34 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, research analysts forecast that PACCAR Inc will post 7.98 earnings per share for the current year.

PACCAR Dividend Announcement

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

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.