PACCAR (NASDAQ:PCAR) Shares Gap Down to $113.64

PACCAR Inc (NASDAQ:PCAR) gapped down prior to trading on Tuesday . The stock had previously closed at $113.64, but opened at $108.00. PACCAR shares last traded at $106.72, with a volume of 1,723,589 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PCAR shares. Evercore ISI raised their price target on PACCAR from $94.00 to $101.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group raised their target price on shares of PACCAR from $106.00 to $121.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Morgan Stanley assumed coverage on shares of PACCAR in a report on Monday, January 8th. They set an “overweight” rating and a $125.00 price target for the company. Truist Financial initiated coverage on shares of PACCAR in a research report on Thursday, March 14th. They set a “hold” rating and a $117.00 price target for the company. Finally, TD Cowen boosted their price objective on shares of PACCAR from $91.00 to $108.00 and gave the company a “market perform” rating in a research report on Wednesday, January 24th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PACCAR has an average rating of “Moderate Buy” and an average target price of $112.31.

PACCAR Stock Up 0.2 %

The company’s fifty day simple moving average is $116.62 and its 200 day simple moving average is $102.36. The company has a quick ratio of 2.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $55.72 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 1.59 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.07. The company had revenue of $8.24 billion for the quarter, compared to analyst estimates of $8.25 billion. PACCAR had a return on equity of 31.71% and a net margin of 14.30%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.25 earnings per share. Analysts anticipate that PACCAR Inc will post 8.23 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 15th will be given a $0.30 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. PACCAR’s dividend payout ratio is currently 11.20%.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,320 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $103.17, for a total transaction of $2,818,604.40. Following the sale, the chief executive officer now owns 145,495 shares of the company’s stock, valued at $15,010,719.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other PACCAR news, CEO R Preston Feight sold 27,320 shares of PACCAR stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $103.17, for a total transaction of $2,818,604.40. Following the completion of the transaction, the chief executive officer now owns 145,495 shares in the company, valued at $15,010,719.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harrie Schippers sold 32,797 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $106.08, for a total value of $3,479,105.76. Following the completion of the sale, the chief financial officer now directly owns 103,547 shares in the company, valued at $10,984,265.76. The disclosure for this sale can be found here. Insiders sold a total of 62,117 shares of company stock worth $6,510,010 in the last three months. 2.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Raymond James & Associates increased its position in shares of PACCAR by 29.1% during the 3rd quarter. Raymond James & Associates now owns 79,615 shares of the company’s stock valued at $6,769,000 after purchasing an additional 17,953 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of PACCAR by 15.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 90,658 shares of the company’s stock worth $7,708,000 after purchasing an additional 12,451 shares in the last quarter. Arlington Trust Co LLC bought a new position in shares of PACCAR in the third quarter worth about $30,000. Independent Advisor Alliance lifted its position in shares of PACCAR by 673.2% during the 3rd quarter. Independent Advisor Alliance now owns 45,827 shares of the company’s stock valued at $3,896,000 after buying an additional 39,900 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. grew its stake in shares of PACCAR by 1.1% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 251,619 shares of the company’s stock valued at $21,393,000 after acquiring an additional 2,700 shares during the period. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.