PACCAR (NASDAQ:PCAR) Hits New 52-Week High – What’s Next?

PACCAR Inc. (NASDAQ:PCAR)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $133.18 and last traded at $132.6450, with a volume of 144713 shares trading hands. The stock had previously closed at $131.11.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wells Fargo & Company set a $125.00 price target on shares of PACCAR and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Weiss Ratings lowered PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Citigroup restated a “neutral” rating and issued a $125.00 target price (down from $130.00) on shares of PACCAR in a research report on Thursday, April 30th. Truist Financial upped their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Finally, BNP Paribas Exane initiated coverage on PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $124.18.

PACCAR Stock Performance

The company has a current ratio of 3.11, a quick ratio of 2.91 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $69.60 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 1.20 and a beta of 0.97. The firm’s fifty day moving average price is $119.00 and its 200 day moving average price is $120.24.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Analysts forecast that PACCAR Inc. will post 5.66 EPS for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 12th. PACCAR’s dividend payout ratio (DPR) is currently 29.79%.

Institutional Investors Weigh In On PACCAR

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in PACCAR by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock worth $6,951,172,000 after acquiring an additional 363,782 shares in the last quarter. Wellington Management Group LLP grew its position in PACCAR by 18.6% in the 4th quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock valued at $2,516,272,000 after acquiring an additional 3,597,283 shares in the last quarter. State Street Corp increased its stake in PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares during the period. Geode Capital Management LLC increased its stake in PACCAR by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock worth $1,350,867,000 after purchasing an additional 50,622 shares during the period. Finally, Norges Bank acquired a new stake in shares of PACCAR during the fourth quarter worth about $727,745,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

About PACCAR

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.