Citigroup Has Lowered Expectations for PACCAR (NASDAQ:PCAR) Stock Price

PACCAR (NASDAQ:PCAR) had its price objective lowered by Citigroup from $112.00 to $105.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts have also weighed in on the company. Bank of America raised PACCAR from a “neutral” rating to a “buy” rating and raised their target price for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. UBS Group downgraded shares of PACCAR from a “buy” rating to a “neutral” rating and cut their price target for the company from $124.00 to $108.00 in a report on Tuesday, March 18th. Truist Financial raised their price target on PACCAR from $112.00 to $113.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. JPMorgan Chase & Co. cut their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating for the company in a report on Tuesday, March 18th. Finally, Melius Research set a $120.00 price objective on shares of PACCAR in a research note on Tuesday, March 18th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PACCAR has a consensus rating of “Moderate Buy” and an average target price of $117.54.

PACCAR Stock Up 0.5 %

Shares of NASDAQ:PCAR opened at $97.37 on Monday. The company has a market capitalization of $51.11 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 2.77 and a beta of 0.91. PACCAR has a 12-month low of $90.04 and a 12-month high of $124.39. The business has a 50-day moving average price of $104.93 and a 200 day moving average price of $106.74. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56.

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

PACCAR Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Wednesday, February 12th were paid a dividend of $0.33 per share. This is an increase from PACCAR’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.36%. The ex-dividend date was Wednesday, February 12th. PACCAR’s payout ratio is currently 16.69%.

Insiders Place Their Bets

In other PACCAR news, CEO R Preston Feight sold 25,200 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $110.98, for a total value of $2,796,696.00. Following the transaction, the chief executive officer now directly owns 206,129 shares of the company’s stock, valued at $22,876,196.42. This represents a 10.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now owns 951 shares in the company, valued at $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 165,547 shares of company stock worth $18,261,908 over the last quarter. 2.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PACCAR

Several institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in PACCAR by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock worth $335,334,000 after buying an additional 178,813 shares during the last quarter. Townsquare Capital LLC boosted its holdings in shares of PACCAR by 36.1% during the third quarter. Townsquare Capital LLC now owns 11,133 shares of the company’s stock valued at $1,099,000 after acquiring an additional 2,951 shares during the period. Public Sector Pension Investment Board grew its position in shares of PACCAR by 13.4% during the third quarter. Public Sector Pension Investment Board now owns 22,850 shares of the company’s stock worth $2,255,000 after acquiring an additional 2,700 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of PACCAR by 41.2% in the 3rd quarter. Verition Fund Management LLC now owns 28,960 shares of the company’s stock worth $2,858,000 after acquiring an additional 8,457 shares during the period. Finally, Hilltop Holdings Inc. lifted its position in PACCAR by 49.3% in the 3rd quarter. Hilltop Holdings Inc. now owns 8,266 shares of the company’s stock valued at $816,000 after purchasing an additional 2,728 shares during the last quarter. Institutional investors and hedge funds own 64.90% of the company’s stock.

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.