PACCAR (NASDAQ:PCAR) Shares Gap Down to $113.64

Shares of PACCAR Inc (NASDAQ:PCAR) gapped down before the market opened on Tuesday . The stock had previously closed at $113.64, but opened at $108.00. PACCAR shares last traded at $106.72, with a volume of 1,723,589 shares.

Analyst Upgrades and Downgrades

PCAR has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on PACCAR in a report on Monday, January 8th. They issued an “overweight” rating and a $125.00 target price on the stock. Evercore ISI lifted their target price on PACCAR from $94.00 to $101.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. TD Cowen boosted their price objective on PACCAR from $91.00 to $108.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 24th. The Goldman Sachs Group lifted their target price on PACCAR from $106.00 to $121.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. lifted their target price on PACCAR from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, PACCAR currently has an average rating of “Moderate Buy” and a consensus price target of $113.08.

PACCAR Price Performance

The firm has a market capitalization of $55.12 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 1.68 and a beta of 0.92. The business has a fifty day moving average of $116.69 and a 200-day moving average of $102.18. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.21 and a current ratio of 2.40.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.07. PACCAR had a return on equity of 33.17% and a net margin of 13.10%. The business had revenue of $8.24 billion during the quarter, compared to analyst estimates of $8.25 billion. During the same period in the prior year, the company posted $2.25 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that PACCAR Inc will post 8.21 EPS for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Thursday, February 15th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Wednesday, February 14th. PACCAR’s payout ratio is currently 12.31%.

Insider Buying and Selling at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 4,829 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $102.12, for a total transaction of $493,137.48. Following the completion of the transaction, the vice president now directly owns 5,726 shares of the company’s stock, valued at approximately $584,739.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other PACCAR news, VP Todd R. Hubbard sold 4,829 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $102.12, for a total transaction of $493,137.48. Following the completion of the transaction, the vice president now directly owns 5,726 shares of the company’s stock, valued at approximately $584,739.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Harrie Schippers sold 32,797 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.08, for a total value of $3,479,105.76. Following the transaction, the chief financial officer now directly owns 103,547 shares of the company’s stock, valued at $10,984,265.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,946 shares of company stock valued at $7,003,148. 2.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its position in shares of PACCAR by 0.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,587,576 shares of the company’s stock valued at $730,116,000 after acquiring an additional 23,865 shares during the last quarter. Northern Trust Corp lifted its position in shares of PACCAR by 6.0% during the 3rd quarter. Northern Trust Corp now owns 5,540,803 shares of the company’s stock valued at $471,079,000 after acquiring an additional 316,001 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of PACCAR by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,916,582 shares of the company’s stock valued at $480,104,000 after acquiring an additional 89,984 shares during the last quarter. Norges Bank acquired a new stake in shares of PACCAR during the 4th quarter valued at $448,288,000. Finally, Invesco Ltd. lifted its holdings in shares of PACCAR by 9.9% in the third quarter. Invesco Ltd. now owns 3,645,267 shares of the company’s stock valued at $309,921,000 after purchasing an additional 328,347 shares in the last quarter. Institutional investors and hedge funds 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.