PACCAR (NASDAQ:PCAR) Now Covered by Analysts at Citigroup

Citigroup began coverage on shares of PACCAR (NASDAQ:PCAR) in a report released on Wednesday, Marketbeat Ratings reports. The firm issued a neutral rating and a $115.00 price target on the stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial reiterated a hold rating and issued a $121.00 target price (up from $117.00) on shares of PACCAR in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price objective on PACCAR from $140.00 to $130.00 and set an overweight rating for the company in a research note on Wednesday, May 1st. UBS Group raised PACCAR from a neutral rating to a buy rating and raised their price objective for the company from $104.00 to $136.00 in a research note on Friday, March 15th. The Goldman Sachs Group raised their price objective on PACCAR from $106.00 to $121.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Finally, Royal Bank of Canada started coverage on PACCAR in a research note on Tuesday, March 26th. They issued a sector perform rating and a $123.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $114.38.

PACCAR Price Performance

Shares of PCAR opened at $104.29 on Wednesday. The company has a market capitalization of $54.66 billion, a price-to-earnings ratio of 10.82, a price-to-earnings-growth ratio of 1.63 and a beta of 0.94. The business has a 50-day moving average of $108.19 and a 200-day moving average of $107.64. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.73 and a quick ratio of 2.49. PACCAR has a 1 year low of $78.92 and a 1 year high of $125.50.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, April 30th. The company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.07. The business had revenue of $8.24 billion during 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 period in the previous year, the company posted $2.25 earnings per share. As a group, equities research analysts anticipate that PACCAR will post 8.36 earnings per share for the current year.

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $1.20 annualized dividend and a yield of 1.15%. This is a boost from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s payout ratio is currently 12.45%.

Insiders Place Their Bets

In other PACCAR news, VP Michael K. Walton sold 9,123 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $105.11, for a total value of $958,918.53. Following the transaction, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other PACCAR news, VP Michael K. Walton sold 9,123 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $105.11, for a total value of $958,918.53. Following the transaction, the vice president now owns 1,468 shares of the company’s stock, valued at $154,301.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO R Preston Feight sold 33,850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $106.18, for a total value of $3,594,193.00. Following the completion of the transaction, the chief executive officer now directly owns 154,430 shares in the company, valued at approximately $16,397,377.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,040 shares of company stock valued at $4,779,241. Insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

Hedge funds have recently made changes to their positions in the company. PSI Advisors LLC bought a new stake in shares of PACCAR in the first quarter valued at $25,000. AdvisorNet Financial Inc raised its stake in shares of PACCAR by 188.5% in the fourth quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after buying an additional 181 shares during the period. YHB Investment Advisors Inc. bought a new stake in shares of PACCAR in the first quarter valued at $27,000. New Covenant Trust Company N.A. bought a new stake in shares of PACCAR in the first quarter valued at $27,000. Finally, Riverview Trust Co bought a new stake in shares of PACCAR in the first quarter valued at $29,000. 64.90% of the stock is currently 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.