PACCAR (NASDAQ:PCAR) Sets New 1-Year High After Dividend Announcement

PACCAR Inc. (NASDAQ:PCAR)’s stock price reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $123.99 and last traded at $123.0330, with a volume of 1283955 shares trading hands. The stock had previously closed at $119.38.

The newly announced dividend which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s dividend payout ratio is currently 25.83%.

Analysts Set New Price Targets

PCAR has been the subject of several recent analyst reports. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Morgan Stanley upped their target price on PACCAR from $93.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 13th. Jefferies Financial Group reiterated a “hold” rating and set a $90.00 price target on shares of PACCAR in a research report on Tuesday, October 21st. Wall Street Zen downgraded PACCAR from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Citigroup reaffirmed a “neutral” rating and set a $120.00 target price (up previously from $113.56) on shares of PACCAR in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $112.33.

PACCAR Stock Performance

The firm’s 50-day moving average price is $109.81 and its two-hundred day moving average price is $102.37. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $64.74 billion, a PE ratio of 24.12, a P/E/G ratio of 14.99 and a beta of 1.01.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter last year, the company posted $1.85 EPS. The firm’s revenue was down 20.7% compared to the same quarter last year. As a group, research analysts predict that PACCAR Inc. will post 7.57 earnings per share for the current fiscal year.

Insider Activity at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction on Monday, October 27th. The stock was sold at an average price of $101.15, for a total transaction of $340,774.35. Following the transaction, the chief financial officer owned 468 shares in the company, valued at approximately $47,338.20. The trade was a 87.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PACCAR

Hedge funds have recently modified their holdings of the stock. JT Stratford LLC bought a new stake in shares of PACCAR in the 2nd quarter worth about $1,301,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in PACCAR by 77.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 238,074 shares of the company’s stock valued at $22,631,000 after buying an additional 103,664 shares in the last quarter. Endeavor Private Wealth Inc. acquired a new position in PACCAR in the third quarter valued at about $3,817,000. Robeco Institutional Asset Management B.V. grew its stake in PACCAR by 77.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 228,946 shares of the company’s stock worth $22,510,000 after buying an additional 100,285 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of PACCAR by 19.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 86,645 shares of the company’s stock worth $8,519,000 after buying an additional 13,808 shares in the last quarter. 64.90% of the stock is owned by institutional investors and hedge funds.

PACCAR Company Profile

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.