PACCAR (NASDAQ:PCAR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

PACCAR (NASDAQ:PCAR) had its target price decreased by JPMorgan Chase & Co. from $164.00 to $142.00 in a research report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also recently commented on PCAR. Sanford C. Bernstein reissued an “outperform” rating and issued a $148.00 price objective on shares of PACCAR in a research note on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research report on Tuesday, August 18th. Truist Financial set a $125.00 price target on shares of PACCAR and gave the company a “hold” rating in a report on Monday, October 5th. Citigroup increased their price target on shares of PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Finally, Wells Fargo & Company set a $122.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a research note on Thursday. Three analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $128.18.

PACCAR Stock Performance

Shares of PCAR stock opened at $108.04 on Thursday. The stock has a fifty day moving average price of $121.95 and a 200 day moving average price of $120.66. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. The stock has a market cap of $56.87 billion, a PE ratio of 22.70, a P/E/G ratio of 1.24 and a beta of 0.98. PACCAR has a 1 year low of $92.25 and a 1 year high of $139.24.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.07. The company had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a return on equity of 12.73% and a net margin of 9.00%. PACCAR’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.37 earnings per share. Sell-side analysts forecast that PACCAR will post 5.91 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, November 10th. PACCAR’s dividend payout ratio is 29.41%.

Insider Activity

In other news, CEO R Feight sold 50,975 shares of PACCAR stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $133.07, for a total transaction of $6,783,243.25. Following the completion of the sale, the chief executive officer directly owned 268,625 shares in the company, valued at $35,745,928.75. The trade was a 15.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brice J. Poplawski sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $132.50, for a total transaction of $261,025.00. Following the transaction, the chief financial officer directly owned 1,391 shares in the company, valued at $184,307.50. The trade was a 58.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 56,842 shares of company stock valued at $7,565,677 over the last quarter. 1.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PACCAR

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in PACCAR in the 2nd quarter valued at about $4,927,720,000. Bank of America Corp DE purchased a new stake in PACCAR in the second quarter valued at approximately $1,130,496,000. Bank of New York Mellon Corp acquired a new position in PACCAR during the second quarter worth approximately $453,107,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in PACCAR by 9.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,424,315 shares of the company’s stock worth $411,329,000 after purchasing an additional 305,215 shares during the period. Finally, Amundi raised its stake in PACCAR by 108.7% during the second quarter. Amundi now owns 3,197,359 shares of the company’s stock worth $384,066,000 after purchasing an additional 1,665,545 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

About PACCAR

PACCAR Inc is a global manufacturer of heavy-duty trucks and related transportation products. The company designs, develops and markets trucks under the Kenworth, Peterbilt and DAF brands, serving the long-haul, construction, vocational and distribution markets.

In addition to complete trucks, PACCAR provides diesel and electric powertrains, engines, parts and related aftermarket services. Its PACCAR Parts business distributes replacement parts and accessories through a network of distribution centers and dealerships, while PACCAR Financial offers retail and wholesale financing and leasing services to customers and dealers.

Founded in 1905, PACCAR has grown from a regional equipment manufacturer into an international transportation company.