PACCAR (NASDAQ:PCAR) Price Target Raised to $113.00

PACCAR (NASDAQ:PCAR) had its target price upped by Morgan Stanley from $109.00 to $113.00 in a research note published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages also recently weighed in on PCAR. Evercore set a $139.00 target price on PACCAR in a research note on Monday, May 11th. Weiss Ratings cut PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 21st. Truist Financial raised their price target on PACCAR from $126.00 to $131.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. BNP Paribas Exane initiated coverage on PACCAR in a research note on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price target on the stock. Finally, Wells Fargo & Company set a $125.00 price target on PACCAR and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, PACCAR currently has an average rating of “Hold” and an average target price of $124.18.

PACCAR Stock Performance

NASDAQ:PCAR opened at $126.20 on Friday. The stock has a market capitalization of $66.42 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.16 and a beta of 0.97. PACCAR has a 52 week low of $92.25 and a 52 week high of $131.88. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. The firm has a 50 day moving average of $117.32 and a 200 day moving average of $119.66.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The business had revenue of $6.78 billion for 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%. The business’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. As a group, sell-side analysts anticipate that PACCAR will post 5.65 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s payout ratio is 29.79%.

Hedge Funds Weigh In On PACCAR

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCAR. Vanguard Group Inc. increased its holdings in shares of PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after purchasing an additional 363,782 shares during the period. Wellington Management Group LLP lifted its holdings in shares of PACCAR by 18.6% during the fourth quarter. Wellington Management Group LLP now owns 22,977,556 shares of the company’s stock worth $2,516,272,000 after purchasing an additional 3,597,283 shares during the period. State Street Corp lifted its holdings in shares of PACCAR by 0.4% during the fourth quarter. State Street Corp now owns 22,497,197 shares of the company’s stock worth $2,494,269,000 after purchasing an additional 94,869 shares during the period. Geode Capital Management LLC boosted its position in PACCAR by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 12,308,610 shares of the company’s stock valued at $1,350,867,000 after buying an additional 50,622 shares during the last quarter. Finally, Norges Bank purchased a new stake in PACCAR in the fourth quarter valued at approximately $727,745,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.