PACCAR (NASDAQ:PCAR) Price Target Raised to $102.00

PACCAR (NASDAQ:PCAR) had its price objective lifted by Morgan Stanley from $93.00 to $102.00 in a research report report published on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research analysts also recently commented on PCAR. Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Truist Financial boosted their price target on shares of PACCAR from $97.00 to $108.00 and gave the company a “hold” rating in a report on Wednesday, October 22nd. Jefferies Financial Group reiterated a “hold” rating and set a $90.00 price objective on shares of PACCAR in a report on Tuesday, October 21st. Raymond James Financial reissued a “market perform” rating on shares of PACCAR in a research report on Tuesday, October 21st. Finally, Weiss Ratings downgraded PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.33.

PACCAR Stock Up 2.5%

NASDAQ:PCAR opened at $121.92 on Tuesday. The business’s fifty day moving average price is $108.48 and its 200 day moving average price is $101.82. The firm has a market capitalization of $64.03 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 14.67 and a beta of 1.01. The company has a current ratio of 3.12, a quick ratio of 2.91 and a debt-to-equity ratio of 0.56. PACCAR has a 1-year low of $84.65 and a 1-year high of $122.65.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $6.23 billion. PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The company’s revenue was down 20.7% compared to the same quarter last year. During the same period last year, the firm earned $1.85 EPS. On average, sell-side analysts forecast that PACCAR will post 7.57 earnings per share for the current fiscal year.

PACCAR Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, February 11th. PACCAR’s dividend payout ratio (DPR) is 25.83%.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of the company’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the completion of the sale, the chief financial officer owned 468 shares in the company, valued at approximately $47,338.20. This represents a 87.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.02% of the stock is owned by corporate insiders.

Institutional Trading of PACCAR

Institutional investors and hedge funds have recently modified their holdings of the company. JT Stratford LLC bought a new stake in shares of PACCAR during the second quarter worth $1,301,000. Connor Clark & Lunn Investment Management Ltd. increased its position in PACCAR by 77.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 238,074 shares of the company’s stock worth $22,631,000 after purchasing an additional 103,664 shares during the period. Assenagon Asset Management S.A. increased its position in PACCAR by 46.0% in the second quarter. Assenagon Asset Management S.A. now owns 280,895 shares of the company’s stock worth $26,702,000 after purchasing an additional 88,551 shares during the period. Endeavor Private Wealth Inc. bought a new stake in PACCAR during the 3rd quarter worth about $3,817,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in PACCAR by 77.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 228,946 shares of the company’s stock valued at $22,510,000 after purchasing an additional 100,285 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.