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

Connor Clark & Lunn Investment Management Ltd. increased its stake in PACCAR Inc (NASDAQ:PCAR) by 2,259.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,511 shares of the company’s stock after buying an additional 57,946 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PACCAR were worth $6,294,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of PACCAR by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after purchasing an additional 178,813 shares in the last quarter. KBC Group NV raised its stake in PACCAR by 50.4% during the third quarter. KBC Group NV now owns 241,097 shares of the company’s stock valued at $23,792,000 after buying an additional 80,749 shares in the last quarter. Metis Global Partners LLC grew its position in shares of PACCAR by 1.8% in the 3rd quarter. Metis Global Partners LLC now owns 16,751 shares of the company’s stock worth $1,653,000 after acquiring an additional 300 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of PACCAR by 5.7% in the 3rd quarter. CIBC Asset Management Inc now owns 162,583 shares of the company’s stock valued at $16,044,000 after acquiring an additional 8,834 shares during the last quarter. Finally, Empirical Finance LLC raised its position in shares of PACCAR by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 17,996 shares of the company’s stock valued at $1,776,000 after acquiring an additional 371 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PACCAR news, CFO Harrie Schippers sold 28,676 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the sale, the chief financial officer now directly owns 114,659 shares in the company, valued at approximately $12,150,414.23. The trade was a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Darrin C. Siver sold 103,671 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the completion of the sale, the executive vice president now directly owns 61,005 shares of the company’s stock, valued at $6,805,717.80. The trade was a 62.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,547 shares of company stock valued at $18,261,908 over the last quarter. Corporate insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PCAR shares. Citigroup decreased their price objective on shares of PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Evercore ISI lowered their price objective on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Truist Financial raised their target price on shares of PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Jefferies Financial Group lowered PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised their price target on PACCAR from $125.00 to $132.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $120.35.

PACCAR Stock Up 0.8 %

Shares of PACCAR stock opened at $99.21 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39. PACCAR Inc has a 1-year low of $90.04 and a 1-year high of $125.50. The business’s fifty day moving average price is $107.17 and its two-hundred day moving average price is $106.35. The company has a market capitalization of $52.07 billion, a P/E ratio of 12.54, a PEG ratio of 2.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. As a group, research analysts forecast that PACCAR Inc will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, December 20th. This is a positive change from PACCAR’s previous dividend of $0.89. PACCAR’s dividend payout ratio (DPR) is currently 16.69%.

PACCAR Company 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.