PACCAR (NASDAQ:PCAR) Price Target Raised to $126.00

PACCAR (NASDAQ:PCAR) had its price target upped by Truist Financial from $120.00 to $126.00 in a research report released on Wednesday, Marketbeat Ratings reports. They currently have a hold rating on the stock.

Several other research firms have also commented on PCAR. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of PACCAR in a research note on Tuesday, February 24th. Wells Fargo & Company set a $125.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research note on Wednesday. Morgan Stanley set a $109.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a research note on Tuesday, February 3rd. BNP Paribas Exane started coverage on shares of PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price for the company. Finally, Citigroup boosted their target price on shares of PACCAR from $125.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $117.83.

PACCAR Trading Down 2.3%

NASDAQ PCAR traded down $2.71 on Wednesday, hitting $116.09. 2,692,809 shares of the stock were exchanged, compared to its average volume of 2,806,684. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.79 and a current ratio of 3.11. The stock has a fifty day moving average price of $120.92 and a two-hundred day moving average price of $114.22. The firm has a market capitalization of $61.09 billion, a P/E ratio of 24.70, a P/E/G ratio of 1.10 and a beta of 1.02. PACCAR has a 52-week low of $88.35 and a 52-week high of $131.88.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $6.78 billion during the quarter, compared to analyst estimates of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. PACCAR’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 earnings per share. Research analysts forecast that PACCAR will post 5.6 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, May 13th. This is an increase from PACCAR’s previous quarterly dividend of $0.33. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. PACCAR’s dividend payout ratio is presently 28.09%.

Insider Transactions at PACCAR

In related news, CEO R Preston Feight sold 9,258 shares of PACCAR stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total value of $1,200,762.60. Following the completion of the sale, the chief executive officer directly owned 258,566 shares in the company, valued at $33,536,010.20. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kevin D. Baney sold 9,672 shares of PACCAR stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $126.53, for a total value of $1,223,798.16. Following the completion of the sale, the executive vice president owned 12,592 shares of the company’s stock, valued at $1,593,265.76. The trade was a 43.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 111,664 shares of company stock valued at $14,244,394. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Large investors have recently added to or reduced their stakes in the company. Ares Financial Consulting LLC bought a new position in PACCAR in the fourth quarter worth about $27,000. MCF Advisors LLC raised its holdings in PACCAR by 57.5% in the fourth quarter. MCF Advisors LLC now owns 252 shares of the company’s stock worth $28,000 after purchasing an additional 92 shares in the last quarter. Steph & Co. bought a new position in PACCAR in the first quarter worth about $29,000. Elyxium Wealth LLC bought a new position in PACCAR in the fourth quarter worth about $30,000. Finally, Wealth Watch Advisors INC bought a new position in PACCAR in the third quarter worth about $32,000. 64.90% of the stock is currently owned by institutional investors.

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.