JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PACCAR (NASDAQ:PCAR) Stock

PACCAR (NASDAQ:PCAR) had its price objective hoisted by JPMorgan Chase & Co. from $122.00 to $125.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also commented on PCAR. Royal Bank of Canada restated a “sector perform” rating and set a $119.00 price target on shares of PACCAR in a research report on Monday, November 4th. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and raised their target price for the company from $99.00 to $129.00 in a report on Wednesday, November 13th. Jefferies Financial Group lowered shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a research note on Friday, December 6th. Truist Financial raised their price objective on shares of PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Morgan Stanley cut their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $119.96.

PACCAR Stock Down 0.5 %

Shares of PCAR opened at $109.63 on Monday. The company’s 50-day moving average price is $111.37 and its 200 day moving average price is $103.89. PACCAR has a 12-month low of $90.04 and a 12-month high of $125.50. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. The firm has a market cap of $57.48 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 1.72 and a beta of 0.93.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. The business had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.34 EPS. On average, sell-side analysts forecast that PACCAR will post 7.92 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently announced a dividend, which was paid on Wednesday, January 8th. Investors of record on Friday, December 20th were issued a $3.00 dividend. The ex-dividend date was Friday, December 20th. This is a positive change from PACCAR’s previous dividend of $0.89. PACCAR’s dividend payout ratio is 13.41%.

Insider Buying and Selling at PACCAR

In other PACCAR news, SVP Kevin D. Baney sold 9,894 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $107.00, for a total value of $1,058,658.00. Following the transaction, the senior vice president now directly owns 7,121 shares in the company, valued at $761,947. This represents a 58.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the sale, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. The trade was a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock worth $6,358,552 over the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Institutional investors and hedge funds have recently bought and sold shares of the stock. Everence Capital Management Inc. acquired a new stake in shares of PACCAR during the fourth quarter worth about $1,984,000. Sanctuary Advisors LLC grew its stake in PACCAR by 24.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company’s stock worth $2,962,000 after buying an additional 5,871 shares during the last quarter. Mengis Capital Management Inc. grew its stake in PACCAR by 2.9% during the 3rd quarter. Mengis Capital Management Inc. now owns 191,157 shares of the company’s stock worth $18,863,000 after buying an additional 5,433 shares during the last quarter. Insight Wealth Strategies LLC increased its position in PACCAR by 21.6% during the fourth quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company’s stock worth $4,061,000 after buying an additional 6,936 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in PACCAR by 1.8% in the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company’s stock valued at $511,254,000 after buying an additional 89,245 shares during the last quarter. 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.