PACCAR (NASDAQ:PCAR) Cut to "Equal Weight" at Morgan Stanley

Morgan Stanley cut shares of PACCAR (NASDAQ:PCAR - Free Report) from an overweight rating to an equal weight rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. They currently have $96.00 price objective on the stock.

Several other equities research analysts have also commented on PCAR. Truist Financial decreased their price target on PACCAR from $113.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price target on PACCAR from $121.00 to $105.00 and set an "overweight" rating for the company in a research report on Friday, April 11th. Melius raised shares of PACCAR from a "hold" rating to a "buy" rating in a research note on Tuesday, March 18th. Bank of America upgraded shares of PACCAR from a "neutral" rating to a "buy" rating and increased their price target for the company from $116.00 to $121.50 in a research report on Tuesday, January 14th. Finally, Citigroup dropped their price target on PACCAR from $105.00 to $95.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PACCAR presently has a consensus rating of "Hold" and an average target price of $108.59.

PACCAR Stock Performance

NASDAQ PCAR traded up $1.36 on Wednesday, hitting $88.17. 2,444,557 shares of the company's stock were exchanged, compared to its average volume of 2,754,462. The firm has a market cap of $46.28 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 2.77 and a beta of 0.96. The firm's 50-day moving average price is $99.09 and its two-hundred day moving average price is $105.76. PACCAR has a fifty-two week low of $85.10 and a fifty-two week high of $118.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.54 and a quick ratio of 1.39.

PACCAR (NASDAQ:PCAR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $1.66 earnings per share for the quarter, missing analysts' consensus estimates of $1.70 by ($0.04). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. On average, research analysts expect that PACCAR will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Wednesday, February 12th were issued a dividend of $0.33 per share. This is a positive change from PACCAR's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.50%. PACCAR's payout ratio is presently 16.69%.

Insider Activity

In other PACCAR news, VP Todd R. Hubbard sold 2,000 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $112.05, for a total transaction of $224,100.00. Following the completion of the transaction, the vice president now directly owns 5,463 shares of the company's stock, valued at $612,129.15. This trade represents a 26.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Darrin C. Siver sold 103,671 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $111.56, for a total transaction of $11,565,536.76. Following the completion of the sale, the executive vice president now owns 61,005 shares in the company, valued at approximately $6,805,717.80. This trade represents a 62.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 165,547 shares of company stock worth $18,261,908 over the last 90 days. Company insiders own 2.02% of the company's stock.

Hedge Funds Weigh In On PACCAR

Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in PACCAR by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company's stock worth $335,334,000 after acquiring an additional 178,813 shares during the period. Morse Asset Management Inc acquired a new stake in shares of PACCAR during the 3rd quarter valued at $370,000. McIlrath & Eck LLC increased its position in shares of PACCAR by 16.0% in the third quarter. McIlrath & Eck LLC now owns 28,064 shares of the company's stock worth $2,769,000 after acquiring an additional 3,878 shares in the last quarter. Sanctuary Advisors LLC raised its position in PACCAR by 24.3% during the third quarter. Sanctuary Advisors LLC now owns 30,016 shares of the company's stock valued at $2,962,000 after buying an additional 5,871 shares during the period. Finally, World Investment Advisors LLC purchased a new stake in PACCAR in the 3rd quarter worth approximately $419,000. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.