Bank of Nova Scotia Purchases 110,328 Shares of PACCAR Inc. $PCAR

Bank of Nova Scotia raised its position in PACCAR Inc. (NASDAQ:PCAR) by 153.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,234 shares of the company’s stock after purchasing an additional 110,328 shares during the quarter. Bank of Nova Scotia’s holdings in PACCAR were worth $17,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PCAR. Norges Bank bought a new position in PACCAR in the 2nd quarter valued at approximately $472,520,000. Wellington Management Group LLP raised its stake in shares of PACCAR by 20.1% during the first quarter. Wellington Management Group LLP now owns 20,177,930 shares of the company’s stock valued at $1,964,725,000 after acquiring an additional 3,379,165 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of PACCAR by 177.9% during the first quarter. The Manufacturers Life Insurance Company now owns 2,620,798 shares of the company’s stock worth $255,187,000 after purchasing an additional 1,677,736 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of PACCAR by 16,393.9% during the first quarter. Jones Financial Companies Lllp now owns 1,431,672 shares of the company’s stock worth $139,402,000 after purchasing an additional 1,422,992 shares during the period. Finally, Nuveen LLC acquired a new stake in PACCAR in the first quarter valued at $125,566,000. 64.90% of the stock is currently owned by institutional investors.

PACCAR Stock Performance

Shares of PCAR opened at $108.91 on Wednesday. PACCAR Inc. has a one year low of $84.65 and a one year high of $116.86. The company has a market cap of $57.20 billion, a PE ratio of 21.31, a P/E/G ratio of 15.01 and a beta of 1.01. The stock has a 50-day moving average of $99.73 and a 200-day moving average of $98.02. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). The firm had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $6.23 billion. PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The firm’s revenue was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.85 EPS. On average, equities research analysts predict that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, February 11th. PACCAR’s payout ratio is 25.83%.

Insiders Place Their Bets

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the firm’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer directly owned 468 shares of the company’s stock, valued at approximately $47,338.20. This trade represents a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PCAR. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Wells Fargo & Company began coverage on shares of PACCAR in a research note on Thursday, November 13th. They issued a “positive” rating and a $106.00 price objective on the stock. UBS Group set a $103.00 target price on shares of PACCAR and gave the stock a “neutral” rating in a research note on Wednesday, October 22nd. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 22nd. Finally, Wall Street Zen lowered PACCAR from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $107.96.

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.