PACCAR (NASDAQ:PCAR) Reaches New 1-Year High Following Dividend Announcement

PACCAR Inc. (NASDAQ:PCAR)’s stock price hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $123.99 and last traded at $123.0330, with a volume of 1283955 shares. The stock had previously closed at $119.38.

The newly announced dividend which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s dividend payout ratio is currently 25.83%.

Analysts Set New Price Targets

PCAR has been the subject of a number of recent analyst reports. Weiss Ratings lowered PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Raymond James Financial reiterated a “market perform” rating on shares of PACCAR in a report on Tuesday, October 21st. Wells Fargo & Company started coverage on shares of PACCAR in a research report on Thursday, November 13th. They issued a “positive” rating and a $106.00 target price on the stock. Zacks Research upgraded shares of PACCAR from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Morgan Stanley raised their price objective on shares of PACCAR from $93.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $112.33.

PACCAR Price Performance

The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The stock’s 50 day moving average price is $110.85 and its two-hundred day moving average price is $102.66. The firm has a market capitalization of $64.89 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 14.57 and a beta of 1.01.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). PACCAR had a net margin of 9.11% and a return on equity of 16.01%. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter last year, the firm earned $1.85 EPS. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year. Analysts anticipate that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

Insider Buying and Selling

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $101.15, for a total value of $340,774.35. Following the completion of the sale, the chief financial officer directly owned 468 shares in the company, valued at $47,338.20. The trade was a 87.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors and hedge funds have recently modified their holdings of PCAR. Vanguard Group Inc. raised its holdings in PACCAR by 0.8% during the third quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock valued at $6,205,117,000 after buying an additional 485,678 shares in the last quarter. State Street Corp increased its holdings in shares of PACCAR by 1.0% during the 2nd quarter. State Street Corp now owns 22,534,596 shares of the company’s stock valued at $2,142,139,000 after acquiring an additional 218,188 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of PACCAR by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock valued at $1,184,112,000 after acquiring an additional 159,632 shares during the last quarter. Capital Research Global Investors lifted its holdings in PACCAR by 20.3% in the 3rd quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock worth $587,084,000 after purchasing an additional 1,009,134 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in PACCAR by 25.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after purchasing an additional 1,165,443 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.