Citigroup Boosts PACCAR (NASDAQ:PCAR) Price Target to $108.00

PACCAR (NASDAQ:PCAR) had its price objective lifted by Citigroup from $100.00 to $108.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also recently commented on PCAR. Truist Financial cut their price target on shares of PACCAR from $107.00 to $103.00 and set a hold rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PACCAR from $121.00 to $109.00 and set a buy rating on the stock in a report on Wednesday, July 24th. JPMorgan Chase & Co. dropped their price objective on shares of PACCAR from $135.00 to $115.00 and set an overweight rating on the stock in a report on Wednesday, July 24th. Evercore ISI dropped their price objective on shares of PACCAR from $109.00 to $99.00 and set an in-line rating on the stock in a report on Monday, August 19th. Finally, Raymond James initiated coverage on shares of PACCAR in a report on Friday, June 28th. They set a market perform rating on the stock. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $114.00.

PACCAR Stock Performance

Shares of PCAR opened at $106.80 on Wednesday. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $55.99 billion, a P/E ratio of 11.31, a price-to-earnings-growth ratio of 1.61 and a beta of 0.91. The firm’s fifty day simple moving average is $96.39 and its two-hundred day simple moving average is $104.51. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The firm had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business’s revenue was down 2.1% compared to the same quarter last year. During the same period last year, the company posted $2.33 EPS. As a group, analysts predict that PACCAR will post 8.08 EPS for the current year.

PACCAR Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.12%. PACCAR’s dividend payout ratio is presently 12.71%.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the sale, the chief executive officer now directly owns 162,782 shares of the company’s stock, valued at approximately $16,066,583.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PACCAR

A number of institutional investors have recently added to or reduced their stakes in the company. Creative Planning grew its position in PACCAR by 2.6% in the 3rd quarter. Creative Planning now owns 74,672 shares of the company’s stock worth $7,369,000 after purchasing an additional 1,920 shares in the last quarter. CX Institutional grew its position in PACCAR by 3.5% in the 3rd quarter. CX Institutional now owns 11,244 shares of the company’s stock worth $1,110,000 after purchasing an additional 382 shares in the last quarter. Grove Bank & Trust grew its position in PACCAR by 28.4% in the 3rd quarter. Grove Bank & Trust now owns 466 shares of the company’s stock worth $46,000 after purchasing an additional 103 shares in the last quarter. Polianta Ltd bought a new stake in PACCAR in the 3rd quarter worth about $1,154,000. Finally, Delta Capital Management LLC bought a new stake in PACCAR in the 3rd quarter worth about $3,712,000. 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.