PACCAR (NASDAQ:PCAR) Upgraded at Evercore ISI

Evercore ISI upgraded shares of PACCAR (NASDAQ:PCAR) from an in-line rating to an outperform rating in a report published on Wednesday, MarketBeat reports. They currently have $129.00 price target on the stock, up from their previous price target of $99.00.

Other equities research analysts have also issued research reports about the company. Truist Financial upped their target price on PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley decreased their price target on PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft decreased their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Finally, BNP Paribas raised PACCAR to a “hold” rating in a research report on Wednesday, October 16th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PACCAR currently has a consensus rating of “Hold” and an average target price of $116.55.

PACCAR Price Performance

Shares of PACCAR stock traded down $2.80 during trading on Wednesday, reaching $112.26. 2,528,677 shares of the company’s stock were exchanged, compared to its average volume of 2,637,822. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a market cap of $58.86 billion, a P/E ratio of 12.54, a PEG ratio of 1.83 and a beta of 0.89. The firm’s 50-day moving average price is $104.03 and its 200 day moving average price is $102.82.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts anticipate that PACCAR will post 7.98 earnings per share for the current year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.07%. PACCAR’s payout ratio is 13.41%.

Insider Buying and Selling at PACCAR

In other news, VP Todd R. Hubbard sold 3,230 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $107.27, for a total value of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at approximately $328,353.47. The trade was a 51.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kevin D. Baney sold 9,894 shares of the company’s 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 of the company’s stock, valued at $761,947. The trade was a 58.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,315 shares of company stock worth $6,358,552 over the last 90 days. Corporate insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of PACCAR in the 2nd quarter worth approximately $26,000. New Covenant Trust Company N.A. bought a new position in PACCAR in the 1st quarter worth $27,000. Meeder Asset Management Inc. raised its holdings in PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock worth $29,000 after purchasing an additional 205 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in PACCAR during the second quarter valued at about $36,000. Finally, Fortitude Family Office LLC grew its position in shares of PACCAR by 200.0% during the second quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after purchasing an additional 244 shares in the last quarter. 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.