PACCAR (NASDAQ:PCAR) Price Target Raised to $120.00 at Citigroup

PACCAR (NASDAQ:PCAR) had its price objective boosted by Citigroup from $110.00 to $120.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

PCAR has been the topic of a number of other reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a report on Monday, November 4th. BNP Paribas raised PACCAR to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reduced their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Truist Financial raised their price target on shares of PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI upgraded shares of PACCAR from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, PACCAR presently has an average rating of “Hold” and a consensus target price of $117.64.

PACCAR Stock Up 0.6 %

NASDAQ:PCAR opened at $114.75 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a 50-day moving average of $105.77 and a 200 day moving average of $103.05. The firm has a market cap of $60.16 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 1.73 and a beta of 0.89.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.34 EPS. As a group, research analysts anticipate that PACCAR will post 7.98 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.05%. PACCAR’s dividend payout ratio is currently 13.41%.

Insider Transactions at PACCAR

In other PACCAR news, SVP Kevin D. Baney sold 9,894 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $107.00, for a total transaction of $1,058,658.00. Following the completion of the transaction, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at approximately $761,947. This trade represents a 58.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,315 shares of company stock worth $6,358,552. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quarry LP purchased a new stake in PACCAR in the second quarter valued at $26,000. New Covenant Trust Company N.A. purchased a new stake in shares of PACCAR in the first quarter worth about $27,000. Meeder Asset Management Inc. grew its holdings in PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after acquiring an additional 205 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in PACCAR during the second quarter valued at approximately $36,000. Finally, Fortitude Family Office LLC lifted its holdings in PACCAR by 200.0% in the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after acquiring an additional 244 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

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.