PACCAR (NASDAQ:PCAR) Hits New 12-Month High Following Dividend Announcement

PACCAR Inc. (NASDAQ:PCAR) shares hit a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $123.99 and last traded at $123.0330, with a volume of 1283955 shares. The stock had previously closed at $119.38.

The newly announced dividend which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be given a $0.33 dividend. The ex-dividend date is Wednesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.1%. PACCAR’s payout ratio is presently 25.83%.

Analyst Ratings Changes

PCAR has been the topic of a number of recent analyst reports. Wells Fargo & Company assumed coverage on PACCAR in a research note on Thursday, November 13th. They issued a “positive” rating and a $106.00 price objective on the stock. Truist Financial lifted their price target on PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. upped their price target on shares of PACCAR from $133.00 to $142.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Citigroup restated a “neutral” rating and issued a $120.00 price objective (up previously from $113.56) on shares of PACCAR in a research report on Tuesday, January 13th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $125.00 target price on shares of PACCAR in a research note on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $112.33.

PACCAR Stock Performance

The firm has a fifty day moving average of $109.81 and a 200-day moving average of $102.37. 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 cap of $64.74 billion, a P/E ratio of 24.12, a PEG ratio of 14.99 and a beta of 1.01.

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

Insider Buying and Selling at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, the chief financial officer directly 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 at the SEC website. 2.02% of the stock is currently owned by company insiders.

Institutional Trading of PACCAR

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

About PACCAR

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.