PACCAR (NASDAQ:PCAR) Stock Rating Upgraded by Evercore ISI

Evercore ISI upgraded shares of PACCAR (NASDAQ:PCAR) from an in-line rating to an outperform rating in a report released on Wednesday morning, MarketBeat reports. Evercore ISI currently has $129.00 price target on the stock, up from their previous price target of $99.00.

A number of other analysts have also weighed in on PCAR. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $119.00 price target on shares of PACCAR in a report on Monday, November 4th. BNP Paribas raised shares of PACCAR to a “hold” rating in a report on Wednesday, October 16th. Truist Financial raised their price target on shares of PACCAR from $103.00 to $107.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Finally, Citigroup raised their price target on shares of PACCAR from $100.00 to $108.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, PACCAR has an average rating of “Hold” and a consensus target price of $116.55.

PACCAR Stock Performance

NASDAQ PCAR opened at $112.26 on Wednesday. The firm has a market cap of $58.86 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.83 and a beta of 0.89. The company has a 50 day moving average of $104.03 and a 200-day moving average of $102.82. The company has a current ratio of 1.25, a quick ratio of 1.03 and a debt-to-equity ratio of 0.54. PACCAR has a 1-year low of $90.04 and a 1-year high of $125.50.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the business posted $2.34 earnings per share. On average, equities analysts forecast that PACCAR will post 7.98 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.07%. PACCAR’s dividend payout ratio is 13.41%.

Insider Transactions at PACCAR

In other news, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the transaction, the chief executive officer now directly owns 171,776 shares of the company’s stock, valued at $17,782,251.52. This trade represents a 13.67 % decrease in their ownership of the stock. The sale 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 PACCAR stock in a transaction on Friday, October 25th. The stock was sold at an average price of $107.27, for a total transaction of $346,482.10. Following the transaction, the vice president now directly owns 3,061 shares in the company, valued at approximately $328,353.47. This represents a 51.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 over the last three months. 2.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

Institutional investors have recently added to or reduced their stakes in the stock. New Covenant Trust Company N.A. bought a new stake in PACCAR in the 1st quarter valued at $27,000. Quarry LP bought a new stake in PACCAR in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. lifted its position in PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company’s stock valued at $29,000 after acquiring an additional 205 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in PACCAR in the 2nd quarter valued at $36,000. Finally, Fortitude Family Office LLC lifted its position in PACCAR by 200.0% in the 2nd quarter. Fortitude Family Office LLC now owns 366 shares of the company’s stock valued at $38,000 after acquiring an additional 244 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

PACCAR Company Profile

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.