JPMorgan Chase & Co. Cuts PACCAR (NASDAQ:PCAR) Price Target to $130.00

PACCAR (NASDAQ:PCAR) had its target price trimmed by JPMorgan Chase & Co. from $140.00 to $130.00 in a report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on the company. The Goldman Sachs Group increased their price objective on PACCAR from $106.00 to $121.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. UBS Group raised shares of PACCAR from a neutral rating to a buy rating and boosted their price objective for the company from $104.00 to $136.00 in a report on Friday, March 15th. Evercore ISI raised their target price on shares of PACCAR from $94.00 to $101.00 and gave the stock an in-line rating in a report on Tuesday, February 20th. TD Cowen lifted their price target on shares of PACCAR from $91.00 to $108.00 and gave the company a market perform rating in a research report on Wednesday, January 24th. Finally, Bank of America upgraded PACCAR from an underperform rating to a neutral rating and raised their price objective for the stock from $84.00 to $97.00 in a research note on Friday, January 19th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, PACCAR presently has an average rating of Moderate Buy and a consensus target price of $112.62.

PACCAR Stock Performance

Shares of PCAR stock opened at $104.79 on Wednesday. PACCAR has a 52 week low of $68.40 and a 52 week high of $125.50. The company has a market capitalization of $54.91 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 1.66 and a beta of 0.96. The company has a 50-day simple moving average of $116.54 and a 200 day simple moving average of $102.39. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.21 and a current ratio of 1.69.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 30th. The company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.20 by $0.07. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.25 billion. PACCAR had a return on equity of 31.71% and a net margin of 14.30%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.25 earnings per share. On average, sell-side analysts predict that PACCAR will post 8.24 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 15th will be paid a $0.30 dividend. This is a positive change from PACCAR’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.15%. PACCAR’s dividend payout ratio (DPR) is presently 11.20%.

Insider Activity

In other news, VP Todd R. Hubbard sold 2,000 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $106.15, for a total transaction of $212,300.00. Following the completion of the transaction, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other PACCAR news, CFO Harrie Schippers sold 32,797 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.08, for a total value of $3,479,105.76. Following the sale, the chief financial officer now owns 103,547 shares in the company, valued at approximately $10,984,265.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Todd R. Hubbard sold 2,000 shares of PACCAR stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $106.15, for a total value of $212,300.00. Following the completion of the transaction, the vice president now directly owns 5,726 shares in the company, valued at $607,814.90. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

Institutional Trading of PACCAR

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PSI Advisors LLC bought a new stake in shares of PACCAR in the 1st quarter valued at $25,000. OFI Invest Asset Management acquired a new stake in PACCAR during the 3rd quarter worth about $26,000. AdvisorNet Financial Inc raised its position in shares of PACCAR by 188.5% in the 4th quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock worth $27,000 after acquiring an additional 181 shares in the last quarter. YHB Investment Advisors Inc. acquired a new position in shares of PACCAR in the 1st quarter valued at about $27,000. Finally, Riverview Trust Co bought a new stake in shares of PACCAR during the 1st quarter valued at about $29,000. Institutional investors and hedge funds 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.