JPMorgan Chase & Co. Cuts PACCAR (NASDAQ:PCAR) Price Target to $121.00

PACCAR (NASDAQ:PCAR) had its target price decreased by JPMorgan Chase & Co. from $132.00 to $121.00 in a report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also recently issued reports on the company. Evercore ISI cut their target price on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Truist Financial increased their target price on PACCAR from $112.00 to $113.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Jefferies Financial Group cut PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research report on Friday, December 6th. Citigroup cut their target price on PACCAR from $125.00 to $115.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Finally, UBS Group cut PACCAR from a “buy” rating to a “neutral” rating and cut their target price for the stock from $124.00 to $108.00 in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $118.23.

PACCAR Stock Down 1.3 %

NASDAQ PCAR opened at $98.32 on Tuesday. The stock’s 50-day moving average price is $106.48 and its 200-day moving average price is $106.40. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56. PACCAR has a 52 week low of $90.04 and a 52 week high of $125.50. The company has a market capitalization of $51.60 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 2.77 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. On average, equities research analysts predict that PACCAR will post 7.57 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Wednesday, February 12th. This is a boost from PACCAR’s previous quarterly dividend of $0.30. PACCAR’s dividend payout ratio (DPR) is currently 16.69%.

Insider Activity

In other news, EVP Darrin C. Siver sold 103,671 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $111.56, for a total value of $11,565,536.76. Following the completion of the sale, the executive vice president now directly owns 61,005 shares of the company’s stock, valued at $6,805,717.80. This trade represents a 62.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Harrie Schippers sold 28,676 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the sale, the chief financial officer now directly owns 114,659 shares of the company’s stock, valued at $12,150,414.23. The trade was a 20.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 165,547 shares of company stock valued at $18,261,908 in the last ninety days. Insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors have recently modified their holdings of PCAR. Meeder Asset Management Inc. lifted its stake in shares of PACCAR by 221.8% during the 4th quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock worth $29,000 after acquiring an additional 193 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of PACCAR during the 4th quarter worth approximately $37,000. Kestra Investment Management LLC bought a new stake in shares of PACCAR during the 4th quarter worth approximately $37,000. Sunbelt Securities Inc. lifted its stake in shares of PACCAR by 8,750.0% during the 4th quarter. Sunbelt Securities Inc. now owns 354 shares of the company’s stock worth $37,000 after acquiring an additional 350 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of PACCAR during the 4th quarter worth approximately $43,000. 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.