JPMorgan Chase & Co. Raises PACCAR (NASDAQ:PCAR) Price Target to $125.00

PACCAR (NASDAQ:PCAR) had its target price increased by JPMorgan Chase & Co. from $115.00 to $125.00 in a research note released on Friday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft reduced their price objective on PACCAR from $121.00 to $109.00 and set a buy rating on the stock in a report on Wednesday, July 24th. StockNews.com raised shares of PACCAR from a hold rating to a buy rating in a research note on Wednesday, July 24th. Evercore ISI cut 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 report on Monday, August 19th. Citigroup boosted their price target on shares of PACCAR from $100.00 to $108.00 and gave the company a neutral rating in a report on Wednesday, October 9th. Finally, Raymond James began coverage on shares of PACCAR in a research note on Friday, June 28th. They set a market perform rating on the stock. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $114.00.

PACCAR Stock Performance

PCAR stock opened at $108.22 on Friday. PACCAR has a twelve month low of $80.94 and a twelve month high of $125.50. The firm has a market cap of $56.72 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 1.61 and a beta of 0.91. The business’s fifty day simple moving average is $96.97 and its two-hundred day simple moving average is $104.02. The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data 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 company had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. PACCAR’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period last year, the firm earned $2.33 earnings per share. Analysts predict that PACCAR will post 8.08 earnings per share for the current year.

PACCAR Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.11%. PACCAR’s dividend payout ratio is currently 12.45%.

Insider Buying and Selling at PACCAR

In other PACCAR 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 sale, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Several institutional investors and hedge funds have recently modified their holdings of PCAR. State Board of Administration of Florida Retirement System raised its position in shares of PACCAR by 4.8% during 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 purchasing an additional 27,963 shares during the last quarter. BDF Gestion purchased a new stake in shares of PACCAR in the second quarter valued at approximately $2,862,000. Advisory Services Network LLC boosted its stake in PACCAR by 15.9% during the first quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after buying an additional 7,678 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 acquiring an additional 105,109 shares during the last quarter. Finally, Optimist Retirement Group LLC purchased a new position in shares of PACCAR during the 4th quarter worth $37,032,000. Hedge funds and other institutional investors own 64.90% of the company’s stock.

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.