PACCAR (NASDAQ:PCAR) Stock Gets Price Target Reduction from Citigroup

PACCAR (NASDAQ:PCAR) had its target price reduced by Citigroup from $140.00 to $115.00 in a research report released on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also commented on the company. Morgan Stanley set a $125.00 price objective on PACCAR and gave the company an “equal weight” rating in a research note on Friday, September 4th. JPMorgan Chase & Co. cut their target price on shares of PACCAR from $164.00 to $142.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Truist Financial set a $125.00 target price on shares of PACCAR and gave the company a “hold” rating in a report on Monday, October 5th. Finally, Evercore upped their target price on shares of PACCAR from $139.00 to $162.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Six equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PACCAR presently has an average rating of “Hold” and an average price target of $131.50.

PACCAR Price Performance

PCAR stock opened at $108.56 on Monday. The stock’s 50 day moving average price is $120.42 and its 200 day moving average price is $120.55. The firm has a market cap of $57.14 billion, a P/E ratio of 22.68, a PEG ratio of 1.24 and a beta of 0.98. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 3.12. PACCAR has a 1 year low of $93.19 and a 1 year high of $139.24.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.07. PACCAR had a return on equity of 12.73% and a net margin of 9.00%. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.05 billion. During the same quarter last year, the business posted $1.37 earnings per share. PACCAR’s revenue was up .5% compared to the same quarter last year. On average, sell-side analysts expect that PACCAR will post 5.91 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 11th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, November 10th. PACCAR’s payout ratio is presently 29.41%.

Insider Activity

In other news, VP William Lance Walters sold 1,000 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Paulo Henrique Bolgar sold 2,897 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $133.90, for a total value of $387,908.30. Following the sale, the vice president owned 3,831 shares in the company, valued at $512,970.90. This trade represents a 43.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,842 shares of company stock valued at $7,565,677 over the last quarter. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Institutional investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC purchased a new position in shares of PACCAR during the 2nd quarter worth about $16,286,000. Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of PACCAR in the first quarter worth approximately $9,273,000. Mengis Capital Management Inc. grew its holdings in PACCAR by 16.1% in the fourth quarter. Mengis Capital Management Inc. now owns 111,486 shares of the company’s stock valued at $12,209,000 after purchasing an additional 15,440 shares during the period. Saudi Central Bank grew its holdings in PACCAR by 90.0% in the second quarter. Saudi Central Bank now owns 36,838 shares of the company’s stock valued at $4,425,000 after purchasing an additional 17,452 shares during the period. Finally, Nykredit A S purchased a new stake in PACCAR in the second quarter valued at approximately $17,672,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

PACCAR Company Profile

PACCAR Inc is a global manufacturer of heavy-duty trucks and related transportation products. The company designs, develops and markets trucks under the Kenworth, Peterbilt and DAF brands, serving the long-haul, construction, vocational and distribution markets.

In addition to complete trucks, PACCAR provides diesel and electric powertrains, engines, parts and related aftermarket services. Its PACCAR Parts business distributes replacement parts and accessories through a network of distribution centers and dealerships, while PACCAR Financial offers retail and wholesale financing and leasing services to customers and dealers.

Founded in 1905, PACCAR has grown from a regional equipment manufacturer into an international transportation company.