PACCAR (NASDAQ:PCAR) Given New $120.00 Price Target at Citigroup

PACCAR (NASDAQ:PCAR) had its target price lifted by Citigroup from $110.00 to $120.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other analysts have also commented on the stock. Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $99.00 to $129.00 in a research report on Wednesday, November 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft cut their price objective on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, PACCAR currently has an average rating of “Hold” and an average target price of $117.64.

PACCAR Stock Up 0.6 %

Shares of NASDAQ:PCAR opened at $114.75 on Wednesday. PACCAR has a 52-week low of $90.04 and a 52-week high of $125.50. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $105.77 and a two-hundred day moving average of $103.02. The stock has a market cap of $60.16 billion, a P/E ratio of 12.82, a PEG ratio of 1.79 and a beta of 0.89.

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

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.05%. PACCAR’s dividend payout ratio (DPR) is presently 13.41%.

Insider Buying and Selling at PACCAR

In related news, CEO R Preston Feight sold 27,191 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of PACCAR stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the transaction, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock valued at $6,358,552 in the last 90 days. Company insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors have recently modified their holdings of the company. Edgestream Partners L.P. increased its holdings in PACCAR by 38.1% in the first quarter. Edgestream Partners L.P. now owns 7,520 shares of the company’s stock valued at $932,000 after buying an additional 2,074 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of PACCAR by 61.0% in the 1st quarter. Bessemer Group Inc. now owns 35,868 shares of the company’s stock valued at $4,444,000 after acquiring an additional 13,593 shares during the last quarter. Shell Asset Management Co. purchased a new position in shares of PACCAR in the 1st quarter valued at about $414,000. CreativeOne Wealth LLC acquired a new stake in shares of PACCAR during the 1st quarter worth about $404,000. Finally, Freestone Capital Holdings LLC lifted its stake in PACCAR by 1.7% during the first quarter. Freestone Capital Holdings LLC now owns 7,641 shares of the company’s stock worth $947,000 after purchasing an additional 126 shares during the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

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.