M&T Bank Corp Cuts Position in PACCAR Inc (NASDAQ:PCAR)

M&T Bank Corp trimmed its holdings in shares of PACCAR Inc (NASDAQ:PCAR) by 2.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 62,915 shares of the company’s stock after selling 1,581 shares during the period. M&T Bank Corp’s holdings in PACCAR were worth $6,209,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

PCAR has been the topic of a number of recent analyst reports. Truist Financial increased their price target on shares of PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 target price on shares of PACCAR in a report on Monday, November 4th. Citigroup boosted their price target on PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. BNP Paribas raised PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group downgraded shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PACCAR currently has a consensus rating of “Hold” and a consensus price target of $118.50.

PACCAR Price Performance

Shares of NASDAQ:PCAR opened at $105.32 on Monday. The firm’s 50 day moving average price is $111.44 and its 200-day moving average price is $103.99. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $55.22 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.91. PACCAR Inc has a twelve month low of $90.04 and a twelve month high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter last year, the company posted $2.34 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. Equities research analysts expect that PACCAR Inc will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The business also recently declared a dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be given a $3.00 dividend. This is a boost from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend is Friday, December 20th. PACCAR’s dividend payout ratio is presently 13.41%.

Insiders Place Their Bets

In other PACCAR news, VP Todd R. Hubbard sold 3,230 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the transaction, the vice president now directly owns 3,061 shares in the company, valued at $328,353.47. This represents a 51.34 % 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, CFO Harrie Schippers sold 20,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 105,558 shares of the company’s stock, valued at approximately $11,287,316.94. This trade represents a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,315 shares of company stock worth $6,358,552 over the last quarter. 2.02% of the stock is currently owned by corporate insiders.

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.