PACCAR (NASDAQ:PCAR) Price Target Raised to $108.00

PACCAR (NASDAQ:PCAR) had its price target raised by JPMorgan Chase & Co. from $103.00 to $108.00 in a report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other equities research analysts have also weighed in on PCAR. Raymond James Financial reiterated a “market perform” rating on shares of PACCAR in a report on Tuesday. Argus upgraded shares of PACCAR from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Monday, July 28th. Citigroup lifted their price objective on shares of PACCAR from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, June 24th. Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a research report on Wednesday. Finally, Wall Street Zen raised shares of PACCAR from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.59.

PACCAR Trading Up 0.8%

Shares of PCAR opened at $100.13 on Wednesday. PACCAR has a 1-year low of $84.65 and a 1-year high of $118.81. The company has a 50-day moving average of $98.52 and a 200 day moving average of $95.71. The firm has a market capitalization of $52.58 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 4.12 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.82 and a quick ratio of 2.80.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The company had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.23 billion. During the same quarter in the previous year, the business earned $1.85 EPS. The company’s quarterly revenue was down 20.7% compared to the same quarter last year. On average, research analysts expect that PACCAR will post 7.57 EPS for the current year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Wednesday, November 12th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, November 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.3%. PACCAR’s payout ratio is presently 25.83%.

Insider Activity

In other news, CEO R Preston Feight sold 39,965 shares of PACCAR stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $99.52, for a total value of $3,977,316.80. Following the transaction, the chief executive officer owned 223,190 shares of the company’s stock, valued at $22,211,868.80. The trade was a 15.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. FORA Capital LLC purchased a new position in shares of PACCAR in the 1st quarter worth approximately $597,000. Cambridge Investment Research Advisors Inc. grew its position in PACCAR by 62.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 36,289 shares of the company’s stock worth $3,533,000 after purchasing an additional 13,904 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in PACCAR by 51.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 12,962 shares of the company’s stock worth $1,262,000 after purchasing an additional 4,429 shares during the last quarter. Stack Financial Management Inc purchased a new stake in PACCAR during the 1st quarter worth approximately $20,585,000. Finally, Assenagon Asset Management S.A. grew its position in PACCAR by 46.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 280,895 shares of the company’s stock worth $26,702,000 after purchasing an additional 88,551 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.