Connor Clark & Lunn Investment Management Ltd. Raises Stake in PACCAR Inc. $PCAR

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of PACCAR Inc. (NASDAQ:PCAR) by 63.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 390,106 shares of the company’s stock after purchasing an additional 152,032 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PACCAR were worth $38,355,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Foundations Investment Advisors LLC grew its position in shares of PACCAR by 3.1% during the 3rd quarter. Foundations Investment Advisors LLC now owns 3,640 shares of the company’s stock valued at $358,000 after acquiring an additional 108 shares during the period. Matrix Trust Co raised its holdings in shares of PACCAR by 3.9% in the 3rd quarter. Matrix Trust Co now owns 2,948 shares of the company’s stock worth $290,000 after purchasing an additional 110 shares during the period. Forbes J M & Co. LLP lifted its stake in PACCAR by 4.3% in the third quarter. Forbes J M & Co. LLP now owns 2,664 shares of the company’s stock valued at $262,000 after purchasing an additional 111 shares during the last quarter. Parallel Advisors LLC lifted its stake in PACCAR by 1.6% in the third quarter. Parallel Advisors LLC now owns 7,715 shares of the company’s stock valued at $759,000 after purchasing an additional 118 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in PACCAR by 4.3% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,860 shares of the company’s stock valued at $281,000 after purchasing an additional 119 shares during the period. Institutional investors own 64.90% of the company’s stock.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 9,258 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total value of $1,200,762.60. Following the completion of the transaction, the chief executive officer owned 258,566 shares in the company, valued at $33,536,010.20. This trade represents a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP C Michael Dozier sold 79,076 shares of PACCAR stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $127.92, for a total value of $10,115,401.92. Following the transaction, the executive vice president directly owned 34,656 shares of the company’s stock, valued at $4,433,195.52. The trade was a 69.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 133,105 shares of company stock worth $16,869,046 over the last quarter. Insiders own 2.02% of the company’s stock.

PACCAR Trading Down 1.1%

NASDAQ:PCAR opened at $116.82 on Friday. PACCAR Inc. has a 1 year low of $84.65 and a 1 year high of $131.88. The stock’s fifty day moving average price is $122.71 and its two-hundred day moving average price is $109.08. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.98 and a quick ratio of 2.79. The company has a market cap of $61.43 billion, a P/E ratio of 25.90, a P/E/G ratio of 0.99 and a beta of 1.03.

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

Wall Street Analysts Forecast Growth

PCAR has been the topic of several research reports. Wells Fargo & Company set a $119.00 target price on PACCAR and gave the company an “equal weight” rating in a research note on Friday, January 23rd. Citigroup increased their price target on PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. Wall Street Zen raised PACCAR from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Morgan Stanley set a $109.00 price objective on shares of PACCAR and gave the company an “equal weight” rating in a report on Tuesday, February 3rd. Finally, Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and a consensus price target of $116.50.

About PACCAR

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.