Royal Bank of Canada Begins Coverage on PACCAR (NASDAQ:PCAR)

Royal Bank of Canada assumed coverage on shares of PACCAR (NASDAQ:PCAR) in a report issued on Tuesday morning, Marketbeat reports. The brokerage issued a sector perform rating and a $123.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the company. UBS Group raised PACCAR from a neutral rating to a buy rating and raised their target price for the stock from $104.00 to $136.00 in a research note on Friday, March 15th. JPMorgan Chase & Co. raised their target price on PACCAR from $116.00 to $135.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Evercore ISI raised their target price on PACCAR from $94.00 to $101.00 and gave the stock an in-line rating in a research note on Tuesday, February 20th. Truist Financial started coverage on PACCAR in a research note on Thursday, March 14th. They issued a hold rating and a $117.00 price objective for the company. Finally, TD Cowen lifted their price objective on PACCAR from $91.00 to $108.00 and gave the company a market perform rating in a research note on Wednesday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $109.39.

PACCAR Price Performance

NASDAQ:PCAR opened at $123.89 on Tuesday. PACCAR has a one year low of $67.48 and a one year high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.21 and a current ratio of 2.40. The stock has a market cap of $64.92 billion, a PE ratio of 14.13, a P/E/G ratio of 1.92 and a beta of 0.91. The stock has a 50 day moving average price of $109.94 and a 200 day moving average price of $96.87.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, January 23rd. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.25 by $0.45. PACCAR had a return on equity of 33.17% and a net margin of 13.10%. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.48 billion. During the same quarter last year, the firm earned $1.76 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities research analysts expect that PACCAR will post 8.13 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Thursday, February 15th were issued a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.08 dividend on an annualized basis and a yield of 0.87%. PACCAR’s dividend payout ratio (DPR) is presently 12.31%.

Insider Activity at PACCAR

In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the completion of the sale, the vice president now directly owns 5,726 shares of the company’s stock, valued at approximately $607,814.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other PACCAR news, CFO Harrie Schippers sold 32,797 shares of PACCAR stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.08, for a total transaction of $3,479,105.76. Following the completion of the sale, the chief financial officer now directly owns 103,547 shares of the company’s stock, valued at approximately $10,984,265.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $106.15, for a total value of $212,300.00. Following the completion of the sale, the vice president now directly owns 5,726 shares of the company’s stock, valued at $607,814.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 153,496 shares of company stock worth $15,834,812. Company insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

Institutional investors and hedge funds have recently made changes to their positions in the company. Aigen Investment Management LP purchased a new stake in shares of PACCAR in the 3rd quarter valued at about $319,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in PACCAR by 42.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 558,909 shares of the company’s stock valued at $47,518,000 after acquiring an additional 166,628 shares during the period. Wedmont Private Capital increased its position in PACCAR by 9.4% in the 4th quarter. Wedmont Private Capital now owns 7,521 shares of the company’s stock valued at $720,000 after acquiring an additional 647 shares during the period. Massachusetts Financial Services Co. MA increased its position in PACCAR by 0.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,587,576 shares of the company’s stock valued at $730,116,000 after acquiring an additional 23,865 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new position in PACCAR in the 3rd quarter valued at about $1,501,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

About PACCAR

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.