Zurcher Kantonalbank Zurich Cantonalbank Sells 10,786 Shares of PACCAR Inc (NASDAQ:PCAR)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in PACCAR Inc (NASDAQ:PCAR) by 5.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 194,512 shares of the company’s stock after selling 10,786 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PACCAR were worth $19,194,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. BDF Gestion acquired a new stake in PACCAR in the 2nd quarter worth about $2,862,000. Mengis Capital Management Inc. increased its holdings in shares of PACCAR by 2.9% during the third quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company’s stock worth $18,863,000 after purchasing an additional 5,433 shares during the period. Fisher Asset Management LLC raised its position in shares of PACCAR by 1.8% in the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock valued at $511,254,000 after buying an additional 89,245 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of PACCAR by 28.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,790 shares of the company’s stock valued at $2,552,000 after buying an additional 5,437 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of PACCAR by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,052,899 shares of the company’s stock valued at $301,260,000 after buying an additional 47,855 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PCAR. Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Citigroup boosted their target price on shares of PACCAR from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. cut their price target on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $117.00 on Friday. PACCAR Inc has a one year low of $90.04 and a one year 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 company has a market cap of $61.34 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.82 and a beta of 0.89. The firm has a 50 day simple moving average of $107.64 and a 200 day simple moving average of $103.35.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The company had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. During the same period in the prior year, the company earned $2.34 EPS. PACCAR’s revenue was down 5.2% compared to the same quarter last year. Research analysts predict that PACCAR Inc will post 7.98 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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

Insider Transactions at PACCAR

In related news, SVP Kevin D. Baney sold 9,894 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the sale, the senior vice president now owns 7,121 shares of the company’s stock, valued at $761,947. The trade was a 58.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the transaction, the vice president now directly owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. This represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,315 shares of company stock worth $6,358,552. Insiders own 2.02% of the company’s stock.

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.