PACCAR (NASDAQ:PCAR) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of PACCAR (NASDAQ:PCAR) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. Bank of America currently has $121.50 price objective on the stock, up from their previous price objective of $116.00.

A number of other analysts have also recently commented on the company. Evercore ISI upgraded PACCAR from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $99.00 to $129.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price target on PACCAR from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial increased their price objective on PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Jefferies Financial Group cut shares of PACCAR from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a report on Friday, December 6th. Finally, Citigroup increased their price target on shares of PACCAR from $120.00 to $125.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, PACCAR has a consensus rating of “Hold” and an average target price of $119.96.

PACCAR Stock Performance

Shares of PCAR opened at $110.20 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. PACCAR has a 52-week low of $90.04 and a 52-week high of $125.50. The stock has a 50 day moving average price of $111.37 and a 200 day moving average price of $103.89. The company has a market capitalization of $57.78 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.77 and a beta of 0.93.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same period last year, the firm posted $2.34 EPS. The company’s revenue was down 5.2% on a year-over-year basis. Research analysts predict that PACCAR will post 7.98 EPS for the current fiscal year.

PACCAR Increases Dividend

The firm also recently announced 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 boost from PACCAR’s previous dividend of $0.89. The ex-dividend date of this dividend was Friday, December 20th. PACCAR’s payout ratio is presently 14.75%.

Insider Activity

In other news, SVP Kevin D. Baney sold 9,894 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $107.00, for a total transaction of $1,058,658.00. Following the transaction, the senior vice president now directly owns 7,121 shares of the company’s stock, valued at $761,947. This represents a 58.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 3,230 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now owns 3,061 shares of the company’s stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,315 shares of company stock valued at $6,358,552 in the last three months. 2.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCAR. Global Financial Private Client LLC lifted its position in shares of PACCAR by 1.0% during the 4th quarter. Global Financial Private Client LLC now owns 9,716 shares of the company’s stock valued at $1,011,000 after acquiring an additional 97 shares during the period. AdvisorNet Financial Inc increased its stake in PACCAR by 223.4% in the 4th quarter. AdvisorNet Financial Inc now owns 566 shares of the company’s stock valued at $59,000 after purchasing an additional 391 shares in the last quarter. Wedmont Private Capital raised its holdings in PACCAR by 7.8% during the fourth quarter. Wedmont Private Capital now owns 8,417 shares of the company’s stock worth $897,000 after purchasing an additional 606 shares during the last quarter. Brookstone Capital Management boosted its position in PACCAR by 632.7% during the fourth quarter. Brookstone Capital Management now owns 16,142 shares of the company’s stock worth $1,679,000 after purchasing an additional 13,939 shares in the last quarter. Finally, Matrix Trust Co grew its holdings in PACCAR by 581.6% in the fourth quarter. Matrix Trust Co now owns 1,663 shares of the company’s stock valued at $173,000 after purchasing an additional 1,419 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.