M&T Bank Corp Sells 1,581 Shares of PACCAR Inc (NASDAQ:PCAR)

M&T Bank Corp reduced its stake in PACCAR Inc (NASDAQ:PCAR) by 2.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,915 shares of the company’s stock after selling 1,581 shares during the quarter. M&T Bank Corp’s holdings in PACCAR were worth $6,209,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PCAR. Quarry LP bought a new stake in shares of PACCAR during the 2nd quarter worth $26,000. Meeder Asset Management Inc. raised its position in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after purchasing an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in PACCAR during the second quarter worth about $36,000. Grove Bank & Trust boosted its holdings in shares of PACCAR by 28.4% in the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company’s stock worth $46,000 after purchasing an additional 103 shares in the last quarter. Finally, Sander Capital Advisors Inc. bought a new position in shares of PACCAR during the 3rd quarter valued at about $50,000. 64.90% of the stock is currently owned by institutional investors.

Insider Activity at PACCAR

In related news, CFO Harrie Schippers sold 20,000 shares of PACCAR stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the sale, the chief financial officer now directly owns 105,558 shares in the company, valued at $11,287,316.94. The trade was a 15.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the company’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 completion of the sale, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. The trade was a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,315 shares of company stock worth $6,358,552 over the last 90 days. 2.02% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on PCAR. Morgan Stanley cut their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and increased their target price for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Citigroup lifted their target price on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. BNP Paribas raised PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $118.50.

PACCAR Trading Down 2.0 %

NASDAQ PCAR opened at $105.32 on Monday. The stock has a market cap of $55.22 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.91. PACCAR Inc has a fifty-two week low of $90.04 and a fifty-two week high of $125.50. The stock has a 50 day simple moving average of $111.44 and a two-hundred day simple moving average of $103.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25.

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

PACCAR Increases Dividend

The business also recently announced a dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th will be paid a dividend of $3.00 per share. This is a positive change from PACCAR’s previous dividend of $0.89. The ex-dividend date is Friday, December 20th. PACCAR’s payout ratio is presently 13.41%.

About PACCAR

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.