JPMorgan Chase & Co. Lowers PACCAR (NASDAQ:PCAR) Price Target to $122.00

PACCAR (NASDAQ:PCAR - Free Report) had its price target reduced by JPMorgan Chase & Co. from $125.00 to $122.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms have also commented on PCAR. StockNews.com raised shares of PACCAR from a "hold" rating to a "buy" rating in a research note on Wednesday, July 24th. BNP Paribas upgraded shares of PACCAR to a "hold" rating in a report on Wednesday, October 16th. Morgan Stanley reduced their price objective on shares of PACCAR from $135.00 to $126.00 and set an "overweight" rating for the company in a research note on Wednesday. Raymond James initiated coverage on shares of PACCAR in a report on Friday, June 28th. They set a "market perform" rating for the company. Finally, Truist Financial decreased their target price on PACCAR from $107.00 to $103.00 and set a "hold" rating for the company in a research note on Wednesday, October 9th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $114.18.

PACCAR Stock Performance

PACCAR stock traded up $0.56 during mid-day trading on Wednesday, reaching $105.35. The company's stock had a trading volume of 931,174 shares, compared to its average volume of 2,633,594. 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 twelve month low of $80.94 and a twelve month high of $125.50. The business has a 50 day moving average price of $98.78 and a 200-day moving average price of $103.41. The firm has a market cap of $55.23 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 1.70 and a beta of 0.91.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 14.07% and a return on equity of 29.87%. The business had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The company's revenue for the quarter was down 5.2% compared to the same quarter last year. Sell-side analysts predict that PACCAR will post 8.08 EPS for the current fiscal year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Wednesday, November 13th. PACCAR's dividend payout ratio (DPR) is presently 12.71%.

Insider Transactions at PACCAR

In related news, CEO R Preston Feight sold 27,834 shares of the stock in a transaction dated Wednesday, July 31st. The shares were 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 owns 162,782 shares of the company's stock, valued at $16,066,583.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.02% of the stock is owned by insiders.

Institutional Investors Weigh In On PACCAR

Several large investors have recently made changes to their positions in the company. Quarry LP bought a new stake in shares of PACCAR during the second quarter worth approximately $26,000. New Covenant Trust Company N.A. acquired a new position in shares of PACCAR in the 1st quarter valued at $27,000. Riverview Trust Co acquired a new position in shares of PACCAR in the 1st quarter valued at $29,000. Meeder Asset Management Inc. boosted its position in shares of PACCAR by 269.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 281 shares of the company's stock worth $29,000 after purchasing an additional 205 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of PACCAR during the second quarter worth $36,000. Institutional investors own 64.90% of the company's stock.

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.