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

PACCAR (NASDAQ:PCAR) had its target price lowered by JPMorgan Chase & Co. from $125.00 to $122.00 in a research note issued to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on the stock. Evercore ISI dropped their price objective on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. BNP Paribas raised PACCAR to a “hold” rating in a research note on Wednesday, October 16th. StockNews.com raised PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Raymond James assumed coverage on shares of PACCAR in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Morgan Stanley reduced their target price on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $114.18.

PACCAR Stock Up 1.0 %

NASDAQ PCAR opened at $105.90 on Wednesday. PACCAR has a 12 month low of $80.94 and a 12 month high of $125.50. The company has a current ratio of 1.91, a quick ratio of 2.54 and a debt-to-equity ratio of 0.52. The stock has a market cap of $55.51 billion, a PE ratio of 10.99, a P/E/G ratio of 1.62 and a beta of 0.91. The stock’s 50 day moving average is $99.18 and its 200 day moving average is $103.42.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $7.66 billion. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. PACCAR’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.34 earnings per share. Research analysts predict that PACCAR will post 8.07 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Wednesday, November 13th. PACCAR’s payout ratio is currently 12.45%.

Insider Buying and Selling

In other PACCAR news, CEO R Preston Feight sold 27,834 shares of the firm’s stock in a transaction on 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 approximately $16,066,583.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.02% of the stock is owned by company insiders.

Institutional Trading of PACCAR

Several large investors have recently made changes to their positions in PCAR. Miracle Mile Advisors LLC grew its holdings in PACCAR by 3.8% during the first quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock worth $307,000 after acquiring an additional 91 shares during the period. Security National Bank boosted its position in PACCAR by 4.2% in the 2nd quarter. Security National Bank now owns 2,328 shares of the company’s stock worth $240,000 after purchasing an additional 93 shares in the last quarter. Brookstone Capital Management boosted its position in PACCAR by 4.1% in the 2nd quarter. Brookstone Capital Management now owns 2,366 shares of the company’s stock worth $258,000 after purchasing an additional 94 shares in the last quarter. CVA Family Office LLC grew its stake in shares of PACCAR by 13.3% during the 3rd quarter. CVA Family Office LLC now owns 827 shares of the company’s stock worth $82,000 after purchasing an additional 97 shares during the period. Finally, Graypoint LLC increased its holdings in shares of PACCAR by 2.9% during the 1st quarter. Graypoint LLC now owns 3,557 shares of the company’s stock valued at $441,000 after purchasing an additional 99 shares in the last quarter. 64.90% of the stock is owned by hedge funds and other institutional investors.

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.