Citigroup Cuts PACCAR (NASDAQ:PCAR) Price Target to $115.00

PACCAR (NASDAQ:PCAR) had its target price reduced by Citigroup from $125.00 to $115.00 in a report published on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other equities analysts have also commented on PCAR. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating and increased their price objective for the company from $116.00 to $121.50 in a research report on Tuesday. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their price objective on shares of PACCAR from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial increased their target price on shares of PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, Evercore ISI raised shares of PACCAR from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $120.13.

PACCAR Trading Down 0.1 %

Shares of PCAR opened at $109.48 on Tuesday. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50. The company has a market capitalization of $57.40 billion, a P/E ratio of 12.23, a P/E/G ratio of 1.72 and a beta of 0.93. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03. The firm’s 50 day simple moving average is $111.24 and its 200 day simple moving average is $103.93.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 EPS. Sell-side analysts forecast that PACCAR will post 7.92 earnings per share for the current fiscal year.

PACCAR Increases Dividend

The firm also recently declared a dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th were given a dividend of $3.00 per share. This is a positive change from PACCAR’s previous dividend of $0.89. The ex-dividend date was Friday, December 20th. PACCAR’s dividend payout ratio is presently 13.41%.

Insiders Place Their Bets

In other PACCAR news, CFO Harrie Schippers sold 20,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $106.93, for a total value of $2,138,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,558 shares in the company, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at approximately $17,782,251.52. This represents a 13.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PACCAR

Institutional investors have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. boosted its position in PACCAR by 0.6% during the 4th quarter. Crossmark Global Holdings Inc. now owns 25,972 shares of the company’s stock valued at $2,702,000 after acquiring an additional 167 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of PACCAR by 5.6% during the fourth quarter. Ballentine Partners LLC now owns 6,203 shares of the company’s stock valued at $645,000 after purchasing an additional 327 shares in the last quarter. Smart Money Group LLC grew its stake in PACCAR by 7.6% in the fourth quarter. Smart Money Group LLC now owns 6,174 shares of the company’s stock worth $642,000 after purchasing an additional 438 shares during the period. Clarius Group LLC raised its holdings in PACCAR by 0.8% in the fourth quarter. Clarius Group LLC now owns 2,329,473 shares of the company’s stock worth $242,312,000 after purchasing an additional 17,499 shares in the last quarter. Finally, J2 Capital Management Inc purchased a new position in PACCAR during the fourth quarter valued at $525,000. 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.