PACCAR (NASDAQ:PCAR) Price Target Raised to $120.00

PACCAR (NASDAQ:PCAR) had its price objective raised by Citigroup from $110.00 to $120.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the company. Royal Bank of Canada restated a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Truist Financial upped their target price on shares of PACCAR from $103.00 to $107.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. BNP Paribas raised shares of PACCAR to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley reduced their target price on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Stock Up 0.6 %

Shares of PCAR stock opened at $114.75 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR has a one year low of $90.04 and a one year high of $125.50. The company’s fifty day moving average price is $105.77 and its 200-day moving average price is $103.05. The company has a market capitalization of $60.16 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.73 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last posted 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. The business had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period last year, the firm earned $2.34 earnings per share. Sell-side analysts expect that PACCAR will post 7.98 EPS for the current fiscal year.

PACCAR Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.05%. PACCAR’s dividend payout ratio is presently 13.41%.

Insider Buying and Selling at PACCAR

In other PACCAR news, SVP Kevin D. Baney sold 9,894 shares of the firm’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 7,121 shares of the company’s stock, valued at $761,947. This trade represents a 58.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. This represents a 51.34 % decrease in their position. 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 quarter. Insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

A number of large investors have recently bought and sold shares of the business. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR during the first quarter worth $27,000. Quarry LP purchased a new position in PACCAR in the 2nd quarter worth about $26,000. Meeder Asset Management Inc. lifted its holdings in PACCAR by 269.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after buying an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in PACCAR in the 2nd quarter valued at about $36,000. Finally, Fortitude Family Office LLC grew its stake in PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock worth $38,000 after acquiring an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.