PACCAR (NASDAQ:PCAR) Trading 1.1% Higher Following Analyst Upgrade

PACCAR Inc (NASDAQ:PCAR) shares traded up 1.1% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $106.00 to $121.00. The Goldman Sachs Group currently has a neutral rating on the stock. PACCAR traded as high as $121.75 and last traded at $119.45. 387,933 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,262,132 shares. The stock had previously closed at $118.16.

A number of other research analysts also recently issued reports on the stock. TD Cowen boosted their target price 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. Truist Financial started coverage on shares of PACCAR in a report on Thursday, March 14th. They set a “hold” rating and a $117.00 price objective on the stock. UBS Group upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and upped their target price for the stock from $104.00 to $136.00 in a research note on Friday, March 15th. JPMorgan Chase & Co. raised their price target on shares of PACCAR from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Bank of America raised shares of PACCAR from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $84.00 to $97.00 in a research report on Friday, January 19th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $110.82.

Insider Activity

In other PACCAR news, CFO Harrie Schippers sold 5,000 shares of the company’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $102.27, for a total transaction of $511,350.00. Following the sale, the chief financial officer now directly owns 103,547 shares of the company’s stock, valued at $10,589,751.69. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.15, for a total value of $212,300.00. Following the completion of the transaction, the vice president now owns 5,726 shares in the company, valued at approximately $607,814.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Harrie Schippers sold 5,000 shares of the company’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $102.27, for a total value of $511,350.00. Following the sale, the chief financial officer now owns 103,547 shares in the company, valued at $10,589,751.69. The disclosure for this sale can be found here. Insiders have sold 153,496 shares of company stock valued at $15,834,812 in the last 90 days. Insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of hedge funds and other institutional investors have recently bought and sold shares of PCAR. State Street Corp increased its holdings in shares of PACCAR by 49.0% in the first quarter. State Street Corp now owns 21,345,321 shares of the company’s stock worth $1,562,477,000 after purchasing an additional 7,020,923 shares during the period. Norges Bank bought a new position in PACCAR in the 4th quarter worth about $448,288,000. Geode Capital Management LLC raised its holdings in shares of PACCAR by 53.3% in the 1st quarter. Geode Capital Management LLC now owns 11,742,555 shares of the company’s stock valued at $858,948,000 after acquiring an additional 4,082,677 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of PACCAR by 249.2% during the 1st quarter. Wellington Management Group LLP now owns 3,845,387 shares of the company’s stock valued at $338,663,000 after acquiring an additional 2,744,040 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of PACCAR by 2,578.2% during the first quarter. Mercer Global Advisors Inc. ADV now owns 2,292,972 shares of the company’s stock worth $167,846,000 after purchasing an additional 2,207,357 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Stock Down 0.4 %

The company has a fifty day moving average price of $115.48 and a 200 day moving average price of $100.46. The company has a market cap of $61.59 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.79 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.40 and a quick ratio of 2.21.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, January 23rd. The company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.45. PACCAR had a net margin of 13.10% and a return on equity of 33.17%. The firm had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.48 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that PACCAR Inc will post 8.16 EPS for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Thursday, February 15th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.92%. The ex-dividend date was Wednesday, February 14th. PACCAR’s dividend payout ratio (DPR) is currently 12.31%.

PACCAR Company Profile

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.