JPMorgan Chase & Co. Lowers PACCAR (NASDAQ:PCAR) Price Target to $130.00

PACCAR (NASDAQ:PCAR) had its price target trimmed by JPMorgan Chase & Co. from $140.00 to $130.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also recently issued reports on PCAR. Truist Financial initiated coverage on shares of PACCAR in a research report on Thursday, March 14th. They issued a hold rating and a $117.00 price objective for the company. UBS Group raised shares of PACCAR from a neutral rating to a buy rating and upped their price target for the stock from $104.00 to $136.00 in a research report on Friday, March 15th. Bank of America raised shares of PACCAR from an underperform rating to a neutral rating and upped their price target for the stock from $84.00 to $97.00 in a research report on Friday, January 19th. Royal Bank of Canada initiated coverage on shares of PACCAR in a research report on Tuesday, March 26th. They issued a sector perform rating and a $123.00 price target for the company. Finally, TD Cowen upped their price target on shares of PACCAR from $91.00 to $108.00 and gave the stock a market perform rating in a research report on Wednesday, January 24th. Seven analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $112.62.

PACCAR Stock Performance

Shares of NASDAQ:PCAR opened at $104.79 on Wednesday. The company has a market capitalization of $54.91 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 1.63 and a beta of 0.96. PACCAR has a 12 month low of $68.40 and a 12 month high of $125.50. The firm’s 50-day moving average is $116.42 and its 200 day moving average is $102.53. The company has a current ratio of 1.69, a quick ratio of 2.21 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.07. The company had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.25 billion. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.25 EPS. Research analysts predict that PACCAR will post 8.26 EPS for the current year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.15%. This is a positive change from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s dividend payout ratio is presently 11.20%.

Insider Transactions at PACCAR

In other news, CFO Harrie Schippers sold 32,797 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.08, for a total value of $3,479,105.76. Following the sale, the chief financial officer now owns 103,547 shares in the company, valued at $10,984,265.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Harrie Schippers sold 32,797 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.08, for a total transaction of $3,479,105.76. Following the sale, the chief financial officer now directly owns 103,547 shares of the company’s stock, valued at $10,984,265.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Todd R. Hubbard sold 2,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the sale, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. Company insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Hedge funds and other institutional investors have recently modified their holdings of the business. PSI Advisors LLC acquired a new stake in PACCAR during the first quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in PACCAR during the third quarter worth about $26,000. AdvisorNet Financial Inc increased its position in PACCAR by 188.5% during the fourth quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. YHB Investment Advisors Inc. acquired a new stake in PACCAR during the first quarter worth about $27,000. Finally, Riverview Trust Co acquired a new stake in PACCAR during the first quarter worth about $29,000. 64.90% of the stock is owned by hedge funds and other institutional investors.

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.