Citigroup Raises PACCAR (NASDAQ:PCAR) Price Target to $108.00

PACCAR (NASDAQ:PCAR) had its target price lifted by Citigroup from $100.00 to $108.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms also recently issued reports on PCAR. Evercore ISI dropped their target price on PACCAR from $109.00 to $99.00 and set an in-line rating on the stock in a research report on Monday, August 19th. Truist Financial cut their target price on PACCAR from $107.00 to $103.00 and set a hold rating for the company in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on PACCAR from $135.00 to $115.00 and set an overweight rating on the stock in a research report on Wednesday, July 24th. StockNews.com upgraded shares of PACCAR from a hold rating to a buy rating in a research report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of PACCAR from $121.00 to $109.00 and set a buy rating on the stock in a report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $114.00.

PACCAR Trading Up 3.1 %

Shares of PCAR opened at $106.80 on Wednesday. The firm has a market cap of $55.99 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91. PACCAR has a fifty-two week low of $80.94 and a fifty-two week high of $125.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The business has a 50-day moving average of $96.64 and a 200 day moving average of $104.27.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.01). The business had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the firm earned $2.33 EPS. As a group, research analysts forecast that PACCAR will post 8.08 EPS for the current year.

PACCAR Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.12%. PACCAR’s dividend payout ratio is presently 12.71%.

Insiders Place Their Bets

In other news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the transaction, the chief executive officer now directly owns 162,782 shares in the company, valued at approximately $16,066,583.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR in the 1st quarter worth approximately $27,000. Riverview Trust Co purchased a new position in PACCAR in the 1st quarter worth $29,000. Rise Advisors LLC bought a new stake in PACCAR in the first quarter worth $31,000. Quarry LP purchased a new stake in PACCAR during the second quarter valued at about $26,000. Finally, Meeder Asset Management Inc. grew its stake in shares of PACCAR by 269.7% during the second quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after buying an additional 205 shares during the last quarter. 64.90% of the stock is currently owned by 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.