PACCAR (NASDAQ:PCAR) Stock Price Up 1.1% After Analyst Upgrade

PACCAR Inc (NASDAQ:PCAR - Get Free Report)'s stock price traded up 1.1% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $135.00 to $140.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. PACCAR traded as high as $121.75 and last traded at $119.45. 387,933 shares were traded during trading, a decline of 83% from the average session volume of 2,262,132 shares. The stock had previously closed at $118.16.

Several other research analysts have also issued reports on PCAR. The Goldman Sachs Group increased their price target on shares of PACCAR from $93.00 to $106.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 24th. Morgan Stanley initiated coverage on shares of PACCAR in a research report on Monday, January 8th. They issued an "overweight" rating and a $125.00 price target for the company. Bank of America raised shares of PACCAR from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $84.00 to $97.00 in a research report on Friday, January 19th. Evercore ISI increased their price target on shares of PACCAR from $94.00 to $101.00 and gave the stock an "in-line" rating in a research report on Tuesday, February 20th. Finally, Royal Bank of Canada initiated coverage on shares of PACCAR in a research report on Tuesday, March 26th. They issued a "sector perform" rating and a $123.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.75.

Insider Buying and Selling

In other PACCAR news, Chairman Mark C. Pigott sold 74,347 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total value of $7,578,189.71. Following the completion of the sale, the chairman now owns 4,843,277 shares in the company, valued at $493,675,224.61. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Todd R. Hubbard sold 4,829 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $102.12, for a total value of $493,137.48. Following the transaction, the vice president now directly owns 5,726 shares of the company's stock, valued at $584,739.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark C. Pigott sold 74,347 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total transaction of $7,578,189.71. Following the completion of the transaction, the chairman now directly owns 4,843,277 shares in the company, valued at $493,675,224.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,496 shares of company stock worth $15,834,812. 2.02% of the stock is owned by insiders.

Hedge Funds Weigh In On PACCAR

Several large investors have recently modified their holdings of PCAR. Prudential PLC bought a new position in PACCAR during the first quarter worth about $763,000. Vanguard Group Inc. increased its position in PACCAR by 2.0% during the first quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company's stock worth $3,213,241,000 after acquiring an additional 698,784 shares during the period. Candriam Luxembourg S.C.A. increased its position in PACCAR by 66.0% during the first quarter. Candriam Luxembourg S.C.A. now owns 68,657 shares of the company's stock worth $6,046,000 after acquiring an additional 27,300 shares during the period. Covestor Ltd increased its position in PACCAR by 73.6% during the first quarter. Covestor Ltd now owns 2,118 shares of the company's stock worth $187,000 after acquiring an additional 898 shares during the period. Finally, Mackenzie Financial Corp increased its position in PACCAR by 0.7% during the first quarter. Mackenzie Financial Corp now owns 106,723 shares of the company's stock worth $9,399,000 after acquiring an additional 792 shares during the period. 64.90% of the stock is owned by institutional investors.

PACCAR Trading Down 0.1 %

The firm has a market capitalization of $61.84 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 1.79 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.40 and a quick ratio of 2.21. The business's 50-day moving average is $115.22 and its 200 day moving average is $100.23.

PACCAR (NASDAQ:PCAR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 23rd. The company reported $2.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.25 by $0.45. PACCAR had a net margin of 13.10% and a return on equity of 33.17%. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.48 billion. During the same period in the prior year, the company posted $1.76 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts anticipate that PACCAR Inc will post 8.16 EPS for the current fiscal year.

PACCAR Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Stockholders of record on Thursday, February 15th were paid a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.08 annualized dividend and a dividend yield of 0.92%. PACCAR's dividend payout ratio is currently 12.31%.

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.