PACCAR (NASDAQ:PCAR) Price Target Raised to $121.00

PACCAR (NASDAQ:PCAR) had its price objective upped by The Goldman Sachs Group from $106.00 to $121.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley initiated coverage on shares of PACCAR in a research report on Monday, January 8th. They set an overweight rating and a $125.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of PACCAR from $135.00 to $140.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Bank of America raised shares of PACCAR from an underperform rating to a neutral rating and increased their price objective for the stock from $84.00 to $97.00 in a research report on Friday, January 19th. Truist Financial assumed coverage on shares of PACCAR in a research report on Thursday, March 14th. They issued a hold rating and a $117.00 price target for the company. Finally, Royal Bank of Canada assumed coverage on shares of PACCAR in a research report on Tuesday, March 26th. They issued a sector perform rating and a $123.00 price target for the company. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $110.82.

PACCAR Stock Performance

PACCAR stock opened at $111.19 on Tuesday. The firm has a 50 day simple moving average of $115.97 and a 200-day simple moving average of $100.85. PACCAR has a 1-year low of $68.40 and a 1-year high of $125.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.40 and a quick ratio of 2.21. The stock has a market cap of $58.26 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.71 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, January 23rd. The company reported $2.70 earnings per share for the quarter, topping analysts’ consensus estimates of $2.25 by $0.45. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.48 billion. PACCAR had a net margin of 13.10% and a return on equity of 33.17%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $1.76 EPS. On average, analysts expect that PACCAR will post 8.21 EPS for the current year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Stockholders of record on Thursday, February 15th were issued a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.97%. PACCAR’s payout ratio is 12.31%.

Insider Activity

In other news, VP Todd R. Hubbard sold 2,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.15, for a total value of $212,300.00. Following the sale, the vice president now directly owns 5,726 shares in the company, valued at approximately $607,814.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Mark C. Pigott sold 74,347 shares of PACCAR stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total transaction of $7,578,189.71. Following the sale, the chairman now directly owns 4,843,277 shares in the company, valued at approximately $493,675,224.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction on Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the sale, the vice president now owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 153,496 shares of company stock worth $15,834,812. 2.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in PACCAR by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock worth $3,213,241,000 after acquiring an additional 698,784 shares in the last quarter. State Street Corp raised its stake in PACCAR by 49.0% during the 1st quarter. State Street Corp now owns 21,345,321 shares of the company’s stock worth $1,562,477,000 after acquiring an additional 7,020,923 shares in the last quarter. Geode Capital Management LLC raised its stake in PACCAR by 53.3% during the 1st quarter. Geode Capital Management LLC now owns 11,742,555 shares of the company’s stock worth $858,948,000 after acquiring an additional 4,082,677 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in PACCAR by 0.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 8,587,576 shares of the company’s stock valued at $730,116,000 after purchasing an additional 23,865 shares during the period. Finally, Northern Trust Corp increased its stake in PACCAR by 6.0% in the third quarter. Northern Trust Corp now owns 5,540,803 shares of the company’s stock valued at $471,079,000 after purchasing an additional 316,001 shares during the period. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.