Citigroup Trims PACCAR (NASDAQ:PCAR) Target Price to $100.00

PACCAR (NASDAQ:PCAR) had its target price cut by Citigroup from $106.00 to $100.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently weighed in on the stock. Truist Financial reduced their target price on shares of PACCAR from $115.00 to $107.00 and set a hold rating for the company in a research report on Wednesday, July 24th. JPMorgan Chase & Co. cut their target price on shares of PACCAR from $135.00 to $115.00 and set an overweight rating for the company in a research report on Wednesday, July 24th. Raymond James initiated coverage on shares of PACCAR in a research note on Friday, June 28th. They issued a market perform rating for the company. The Goldman Sachs Group increased their target price on PACCAR from $106.00 to $121.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on PACCAR from $121.00 to $109.00 and set a buy rating on the stock in a research note on Wednesday, July 24th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $112.91.

PACCAR Stock Performance

Shares of PACCAR stock opened at $93.69 on Monday. The business’s fifty day simple moving average is $101.93 and its 200 day simple moving average is $108.37. The company has a current ratio of 2.78, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50. The firm has a market capitalization of $49.11 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 1.44 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last announced its earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.14 by ($0.01). The business 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 company’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.33 earnings per share. As a group, analysts anticipate that PACCAR will post 8.07 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Thursday, August 15th. PACCAR’s dividend payout ratio is currently 12.45%.

Insider Activity at PACCAR

In other news, CEO R Preston Feight sold 27,834 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $98.70, for a total value of $2,747,215.80. Following the completion of the transaction, the chief executive officer now directly owns 162,782 shares in the company, valued at approximately $16,066,583.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.02% of the stock is owned by insiders.

Institutional Investors Weigh In On PACCAR

A number of hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System lifted its position in PACCAR by 4.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 610,934 shares of the company’s stock valued at $75,689,000 after purchasing an additional 27,963 shares during the last quarter. abrdn plc grew its holdings in PACCAR by 50.9% in the 4th quarter. abrdn plc now owns 264,756 shares of the company’s stock worth $25,853,000 after acquiring an additional 89,359 shares during the last quarter. BDF Gestion bought a new position in shares of PACCAR during the second quarter valued at about $2,862,000. California State Teachers Retirement System lifted its position in PACCAR by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 823,651 shares of the company’s stock valued at $80,430,000 after buying an additional 9,978 shares during the period. Finally, Advisory Services Network LLC grew its position in shares of PACCAR by 15.9% in the 1st quarter. Advisory Services Network LLC now owns 56,051 shares of the company’s stock worth $6,944,000 after buying an additional 7,678 shares during the period. 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.