PACCAR (NASDAQ:PCAR) Trading 2.3% Higher

Shares of PACCAR Inc (NASDAQ:PCAR) were up 2.3% on Thursday . The stock traded as high as $101.13 and last traded at $100.17. Approximately 483,456 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,604,765 shares. The stock had previously closed at $97.92.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PCAR shares. Truist Financial dropped their price target on PACCAR from $115.00 to $107.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft dropped their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Raymond James began coverage on PACCAR in a research report on Friday, June 28th. They set a “market perform” rating for the company. Evercore ISI lowered their target price on PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Citigroup lowered their target price on PACCAR from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $112.73.

PACCAR Stock Performance

The company has a quick ratio of 2.54, a current ratio of 2.78 and a debt-to-equity ratio of 0.52. The business has a 50 day simple moving average of $95.78 and a two-hundred day simple moving average of $105.20. The firm has a market cap of $52.60 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 1.52 and a beta of 0.91.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.14 by ($0.01). The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.33 EPS. As a group, equities research analysts forecast that PACCAR Inc will post 8.08 earnings per share for the current fiscal year.

PACCAR Dividend Announcement

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 paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. PACCAR’s dividend payout ratio is currently 12.45%.

Insider Activity

In other news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the transaction, the chief executive officer now owns 162,782 shares in the company, valued at $16,066,583.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in PACCAR by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,415,637 shares of the company’s stock worth $557,572,000 after acquiring an additional 171,317 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of PACCAR by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 4,910,042 shares of the company’s stock worth $479,466,000 after purchasing an additional 83,444 shares during the last quarter. Legal & General Group Plc raised its stake in shares of PACCAR by 5.9% in the second quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after purchasing an additional 242,435 shares during the last quarter. Capital International Investors raised its stake in shares of PACCAR by 44.8% in the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after purchasing an additional 1,225,468 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in PACCAR by 1.5% during the second quarter. Principal Financial Group Inc. now owns 3,219,380 shares of the company’s stock valued at $331,403,000 after acquiring an additional 48,784 shares in the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

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.