JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PACCAR (NASDAQ:PCAR) Stock

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

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $119.00 target price on shares of PACCAR in a research note on Monday, November 4th. Morgan Stanley lowered their target price on PACCAR from $135.00 to $126.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI upgraded PACCAR from an "in-line" rating to an "outperform" rating and upped their price target for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. Jefferies Financial Group lowered shares of PACCAR from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a research report on Friday, December 6th. Finally, BNP Paribas raised shares of PACCAR to a "hold" rating in a research note on Wednesday, October 16th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $118.75.

PACCAR Stock Up 1.5 %

Shares of PCAR traded up $1.58 during midday trading on Monday, hitting $108.16. The company had a trading volume of 2,168,879 shares, compared to its average volume of 2,285,526. PACCAR has a 1 year low of $90.04 and a 1 year high of $125.50. The firm has a market capitalization of $56.71 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.77 and a beta of 0.93. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.03 and a current ratio of 1.25. The company's 50-day simple moving average is $111.33 and its 200-day simple moving average is $103.84.

PACCAR (NASDAQ:PCAR - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business had revenue of $8.24 billion during the quarter, compared to analysts' expectations of $7.66 billion. During the same period in the previous year, the company earned $2.34 EPS. The company's revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts expect that PACCAR will post 7.98 EPS for the current year.

PACCAR Increases Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were paid a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, December 20th. This is a boost from PACCAR's previous dividend of $0.89. PACCAR's payout ratio is currently 14.75%.

Insider Activity at PACCAR

In related news, CEO R Preston Feight sold 27,191 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was 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 approximately $17,782,251.52. The trade was a 13.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Todd R. Hubbard sold 3,230 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $107.27, for a total transaction of $346,482.10. Following the completion of the sale, the vice president now directly owns 3,061 shares of the company's stock, valued at $328,353.47. This trade represents a 51.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is owned by insiders.

Institutional Trading of PACCAR

Several large investors have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in PACCAR by 53.3% during the 3rd quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company's stock valued at $1,325,678,000 after purchasing an additional 4,669,172 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of PACCAR by 47.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company's stock worth $1,006,033,000 after buying an additional 3,296,146 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 buying an additional 171,317 shares during the last quarter. Fisher Asset Management LLC raised its holdings in PACCAR by 1.8% in the third quarter. Fisher Asset Management LLC now owns 5,180,925 shares of the company's stock valued at $511,254,000 after acquiring an additional 89,245 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in PACCAR by 5.9% during the 2nd quarter. Legal & General Group Plc now owns 4,329,525 shares of the company's stock valued at $445,681,000 after acquiring an additional 242,435 shares during the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.

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.