PACCAR (NASDAQ:PCAR) Given New $122.00 Price Target at JPMorgan Chase & Co.

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

Other research analysts have also recently issued reports about the company. Morgan Stanley reduced their price objective on PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Raymond James initiated coverage on PACCAR in a research note on Friday, June 28th. They set a “market perform” rating for the company. Evercore ISI decreased their target price on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $114.18.

PACCAR Stock Performance

Shares of NASDAQ PCAR opened at $105.90 on Wednesday. The stock’s 50-day moving average is $99.39 and its 200 day moving average is $103.20. The stock has a market cap of $55.51 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.62 and a beta of 0.91. PACCAR has a 1-year low of $80.94 and a 1-year high of $125.50. The company has a current ratio of 1.91, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. During the same period in the previous year, the business posted $2.34 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that PACCAR will post 8.07 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is 12.45%.

Insider Activity at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares in the company, valued at $16,066,583.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PACCAR

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCAR. State Board of Administration of Florida Retirement System increased its stake in shares of PACCAR by 4.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock worth $75,689,000 after acquiring an additional 27,963 shares in the last quarter. BDF Gestion purchased a new position in shares of PACCAR during the second quarter valued at approximately $2,862,000. Advisory Services Network LLC boosted its position in shares of PACCAR by 15.9% in the 1st quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after purchasing an additional 7,678 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of PACCAR by 18.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 666,638 shares of the company’s stock worth $82,590,000 after buying an additional 105,109 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in PACCAR during the 1st quarter valued at approximately $1,359,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.