PACCAR (NASDAQ:PCAR) Price Target Cut to $100.00 by Analysts at Citigroup

PACCAR (NASDAQ:PCAR) had its price target decreased by Citigroup from $106.00 to $100.00 in a report released on Monday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

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

PACCAR Stock Down 0.5 %

Shares of NASDAQ:PCAR opened at $94.51 on Monday. PACCAR has a 1 year low of $80.94 and a 1 year high of $125.50. The stock has a 50-day simple moving average of $101.65 and a 200-day simple moving average of $108.28. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.54 and a current ratio of 2.78. The stock has a market capitalization of $49.54 billion, a P/E ratio of 9.86, a PEG ratio of 1.44 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The company had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.30 billion. PACCAR had a return on equity of 29.87% and a net margin of 14.07%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.33 EPS. Equities analysts forecast that PACCAR will post 8.07 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Thursday, August 15th. PACCAR’s payout ratio is 12.45%.

Insider Buying and Selling 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 transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.02% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in PACCAR by 3.3% during 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 in the last quarter. Fisher Asset Management LLC raised its stake in shares of PACCAR by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,916,582 shares of the company’s stock valued at $480,104,000 after purchasing an additional 89,984 shares in the last quarter. Norges Bank bought a new position in PACCAR in the fourth quarter worth $448,288,000. Legal & General Group Plc boosted its stake in PACCAR by 5.9% during the second quarter. Legal & General Group Plc now owns 4,329,525 shares of the company’s stock worth $445,681,000 after buying an additional 242,435 shares in the last quarter. Finally, Capital International Investors increased its holdings in PACCAR by 44.8% in the 1st quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock valued at $490,967,000 after buying an additional 1,225,468 shares during the period. 64.90% of the stock is 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.