Brokerages Set PACCAR Inc. (NASDAQ:PCAR) Price Target at $131.70

PACCAR Inc. (NASDAQ:PCAR) has been assigned an average recommendation of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat reports. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $131.70.

PCAR has been the subject of a number of research reports. Sanford C. Bernstein restated an “outperform” rating and set a $148.00 target price on shares of PACCAR in a research report on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research note on Tuesday, August 18th. Citigroup lifted their price target on PACCAR from $125.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. upped their price objective on PACCAR from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Finally, Truist Financial boosted their target price on shares of PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd.

PACCAR Trading Down 0.9%

PACCAR stock opened at $125.34 on Monday. The stock has a 50-day moving average price of $127.35 and a 200 day moving average price of $121.93. The company has a market capitalization of $65.97 billion, a price-to-earnings ratio of 26.33, a price-to-earnings-growth ratio of 1.00 and a beta of 0.97. PACCAR has a 52 week low of $92.25 and a 52 week high of $139.24. The company has a quick ratio of 2.90, a current ratio of 3.12 and a debt-to-equity ratio of 0.49.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.05 billion. PACCAR had a net margin of 9.00% and a return on equity of 12.73%. PACCAR’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the firm posted $1.37 EPS. Sell-side analysts anticipate that PACCAR will post 5.89 EPS for the current year.

PACCAR Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 12th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, August 12th. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. PACCAR’s dividend payout ratio is currently 29.41%.

Insider Activity at PACCAR

In other PACCAR news, VP William Lance Walters sold 1,000 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $133.50, for a total transaction of $133,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R Preston Feight sold 50,975 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $133.07, for a total value of $6,783,243.25. Following the completion of the transaction, the chief executive officer owned 268,625 shares in the company, valued at approximately $35,745,928.75. This trade represents a 15.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 56,842 shares of company stock worth $7,565,677 in the last quarter. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On PACCAR

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCAR. California State Teachers Retirement System lifted its stake in shares of PACCAR by 11,629.3% in the second quarter. California State Teachers Retirement System now owns 97,627,770 shares of the company’s stock worth $11,727,048,000 after buying an additional 96,795,432 shares in the last quarter. BlackRock Inc. purchased a new stake in PACCAR during the 2nd quarter valued at about $4,927,720,000. Bank of America Corp DE purchased a new stake in PACCAR during the 2nd quarter valued at about $1,130,496,000. Norges Bank acquired a new stake in PACCAR in the 4th quarter valued at about $727,745,000. Finally, Bank of New York Mellon Corp purchased a new position in PACCAR in the 2nd quarter worth approximately $453,107,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.