JPMorgan Chase & Co. Trims PACCAR (NASDAQ:PCAR) Target Price to $115.00

PACCAR (NASDAQ:PCAR) had its price objective cut by JPMorgan Chase & Co. from $135.00 to $115.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group boosted their price target on shares of PACCAR from $106.00 to $121.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Raymond James assumed coverage on shares of PACCAR in a research note on Friday, June 28th. They issued a market perform rating on the stock. Royal Bank of Canada began coverage on PACCAR in a research report on Tuesday, March 26th. They set a sector perform rating and a $123.00 price objective for the company. Truist Financial decreased their price objective on PACCAR from $115.00 to $107.00 and set a hold rating for the company in a report on Wednesday. Finally, Citigroup began coverage on PACCAR in a research report on Wednesday, June 26th. They set a neutral rating and a $115.00 price target for the company. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $114.27.

PACCAR Stock Performance

PACCAR stock opened at $99.24 on Wednesday. The company has a fifty day moving average price of $105.33 and a two-hundred day moving average price of $108.52. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.81 and a quick ratio of 2.49. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a market cap of $52.02 billion, a PE ratio of 10.29, a P/E/G ratio of 1.51 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 29.87% and a net margin of 14.07%. The business’s revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.33 EPS. Research analysts expect that PACCAR will post 8.11 earnings per share for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be paid a $0.30 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.20 annualized dividend and a yield of 1.21%. PACCAR’s dividend payout ratio is presently 12.45%.

Insider Activity

In other news, VP Brice J. Poplawski sold 2,067 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $109.40, for a total transaction of $226,129.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other PACCAR news, VP Michael K. Walton sold 9,123 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $105.11, for a total transaction of $958,918.53. Following the completion of the sale, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brice J. Poplawski sold 2,067 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $109.40, for a total value of $226,129.80. The disclosure for this sale can be found here. Insiders have sold a total of 45,040 shares of company stock worth $4,779,241 in the last ninety days. Corporate insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

Large investors have recently modified their holdings of the company. PSI Advisors LLC acquired a new position in PACCAR during the 1st quarter worth $25,000. AdvisorNet Financial Inc grew its position in shares of PACCAR by 188.5% in the fourth quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. YHB Investment Advisors Inc. bought a new position in shares of PACCAR in the first quarter worth about $27,000. New Covenant Trust Company N.A. bought a new stake in PACCAR during the 1st quarter valued at approximately $27,000. Finally, Riverview Trust Co acquired a new stake in PACCAR in the 1st quarter valued at approximately $29,000. 64.90% of the stock is 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.