PACCAR (NASDAQ:PCAR) Hits New 12-Month High – Here’s Why

PACCAR Inc. (NASDAQ:PCAR) hit a new 52-week high during trading on Thursday . The stock traded as high as $133.18 and last traded at $132.6450, with a volume of 144713 shares traded. The stock had previously closed at $131.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. increased their price target on shares of PACCAR from $140.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Wells Fargo & Company set a $125.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. BNP Paribas Exane assumed coverage on shares of PACCAR in a report on Tuesday, March 31st. They issued a “neutral” rating and a $126.00 price objective for the company. Finally, Morgan Stanley lifted their price objective on PACCAR from $109.00 to $113.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $124.18.

PACCAR Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 3.11 and a quick ratio of 2.91. The firm has a market cap of $69.99 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 1.16 and a beta of 0.97. The firm has a 50-day simple moving average of $118.20 and a 200 day simple moving average of $120.02.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.46 EPS. As a group, equities analysts expect that PACCAR Inc. will post 5.66 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is 29.79%.

Institutional Investors Weigh In On PACCAR

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of PACCAR in the 4th quarter worth about $727,745,000. Wellington Management Group LLP boosted its stake in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares in the last quarter. UBS Group AG grew its position in PACCAR by 74.4% during the 4th quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after purchasing an additional 1,940,260 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in PACCAR by 129.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,275,921 shares of the company’s stock valued at $249,237,000 after purchasing an additional 1,286,056 shares during the last quarter. Finally, Focus Partners Wealth increased its stake in PACCAR by 17,292.6% during the 4th quarter. Focus Partners Wealth now owns 1,202,700 shares of the company’s stock valued at $131,725,000 after purchasing an additional 1,195,785 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.