PACCAR (NASDAQ:PCAR) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of PACCAR (NASDAQ:PCAR) from a neutral rating to an overweight rating in a research note released on Friday, Marketbeat.com reports. They currently have $133.00 target price on the stock, up from their prior target price of $108.00.

PCAR has been the subject of several other research reports. Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Morgan Stanley set a $90.00 price target on PACCAR in a research report on Tuesday, October 21st. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Wolfe Research upgraded shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 22nd. Finally, Truist Financial upped their target price on shares of PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $111.04.

PACCAR Price Performance

PACCAR stock opened at $111.57 on Friday. The firm has a fifty day moving average of $102.20 and a 200-day moving average of $99.07. PACCAR has a 52-week low of $84.65 and a 52-week high of $115.43. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $58.60 billion, a P/E ratio of 21.83, a PEG ratio of 15.26 and a beta of 1.01.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $6.23 billion. During the same period last year, the company posted $1.85 earnings per share. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. As a group, analysts predict that PACCAR will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, February 11th. PACCAR’s dividend payout ratio (DPR) is 25.83%.

Insiders Place Their Bets

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the sale, the chief financial officer owned 468 shares in the company, valued at $47,338.20. This represents a 87.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in PACCAR by 0.8% during the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock worth $6,205,117,000 after purchasing an additional 485,678 shares during the last quarter. State Street Corp raised its holdings in shares of PACCAR by 1.0% during the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock worth $2,142,139,000 after purchasing an additional 218,188 shares during the period. Geode Capital Management LLC lifted its position in shares of PACCAR by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock worth $1,184,112,000 after buying an additional 159,632 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of PACCAR by 20.3% in the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock valued at $587,084,000 after buying an additional 1,009,134 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of PACCAR by 25.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock valued at $551,211,000 after buying an additional 1,165,443 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.