JPMorgan Chase & Co. Cuts PACCAR (NASDAQ:PCAR) Price Target to $115.00

PACCAR (NASDAQ:PCAR) had its price objective decreased by JPMorgan Chase & Co. from $135.00 to $115.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

PCAR has been the topic of several other research reports. StockNews.com raised PACCAR from a hold rating to a buy rating in a research report on Wednesday. Raymond James initiated coverage on PACCAR in a report on Friday, June 28th. They issued a market perform rating on the stock. Truist Financial dropped their target price on PACCAR from $115.00 to $107.00 and set a hold rating on the stock in a report on Wednesday. Citigroup initiated coverage on PACCAR in a report on Wednesday, June 26th. They issued a neutral rating and a $115.00 target price on the stock. Finally, Royal Bank of Canada initiated coverage on PACCAR in a report on Tuesday, March 26th. They issued a sector perform rating and a $123.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, PACCAR has an average rating of Hold and an average target price of $114.27.

PACCAR Trading Up 1.7 %

PCAR opened at $99.24 on Wednesday. The firm has a market cap of $52.02 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92. PACCAR has a 52 week low of $80.94 and a 52 week high of $125.50. The business’s 50 day moving average is $105.33 and its two-hundred day moving average is $108.61. The company has a quick ratio of 2.49, a current ratio of 1.81 and a debt-to-equity ratio of 0.54.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.14 by ($0.01). The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period last year, the firm earned $2.33 EPS. On average, research analysts predict that PACCAR will post 8.11 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 15th will be paid a $0.30 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.21%. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 33,850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.18, for a total transaction of $3,594,193.00. Following the sale, the chief executive officer now directly owns 154,430 shares in the company, valued at $16,397,377.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other PACCAR news, VP Michael K. Walton sold 9,123 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $105.11, for a total transaction of $958,918.53. Following the sale, the vice president now directly owns 1,468 shares in the company, valued at $154,301.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 33,850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.18, for a total value of $3,594,193.00. Following the sale, the chief executive officer now owns 154,430 shares in the company, valued at $16,397,377.40. The disclosure for this sale can be found here. Insiders have sold a total of 45,040 shares of company stock worth $4,779,241 over the last three months. 2.02% of the stock is currently owned by corporate insiders.

Institutional Trading of PACCAR

A number of institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of PACCAR in the fourth quarter worth $448,288,000. Capital International Investors raised its holdings in shares of PACCAR by 44.8% in the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after acquiring an additional 1,225,468 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of PACCAR by 112.2% in the fourth quarter. TD Asset Management Inc now owns 2,072,281 shares of the company’s stock worth $202,358,000 after acquiring an additional 1,095,894 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of PACCAR in the fourth quarter worth $87,441,000. Finally, Epoch Investment Partners Inc. raised its holdings in shares of PACCAR by 113.3% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,058,970 shares of the company’s stock worth $103,408,000 after acquiring an additional 562,571 shares during the last quarter. 64.90% of the stock is currently owned by hedge funds and other institutional investors.

About PACCAR

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.