Citigroup Cuts PACCAR (NASDAQ:PCAR) Price Target to $95.00

PACCAR (NASDAQ:PCAR) had its target price cut by Citigroup from $105.00 to $95.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently issued reports on PCAR. Evercore ISI reduced their price objective on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. JPMorgan Chase & Co. reduced their price target on PACCAR from $132.00 to $121.00 and set an “overweight” rating for the company in a research note on Tuesday, March 18th. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. Melius raised PACCAR from a “hold” rating to a “buy” rating in a report on Tuesday, March 18th. Finally, Truist Financial decreased their price target on shares of PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $113.46.

PACCAR Stock Performance

NASDAQ PCAR opened at $88.77 on Tuesday. The firm has a market capitalization of $46.60 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96. The company has a current ratio of 2.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.56. The firm’s fifty day moving average price is $101.28 and its two-hundred day moving average price is $106.21. PACCAR has a 1 year low of $85.10 and a 1 year high of $121.75.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, January 28th. The company reported $1.66 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%. As a group, research analysts anticipate that PACCAR will post 7.57 EPS for the current year.

PACCAR Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Wednesday, February 12th were paid a $0.33 dividend. This is a positive change from PACCAR’s previous quarterly dividend of $0.30. The ex-dividend date was Wednesday, February 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.49%. PACCAR’s dividend payout ratio (DPR) is presently 16.69%.

Insider Buying and Selling

In related news, VP Michael K. Walton sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $112.05, for a total transaction of $224,100.00. Following the sale, the vice president now directly owns 5,463 shares in the company, valued at $612,129.15. The trade was a 26.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,547 shares of company stock worth $18,261,908 in the last three months. 2.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PACCAR

A number of hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. raised its position in PACCAR by 221.8% during the 4th quarter. Meeder Asset Management Inc. now owns 280 shares of the company’s stock worth $29,000 after purchasing an additional 193 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of PACCAR in the fourth quarter valued at about $37,000. Kestra Investment Management LLC bought a new position in shares of PACCAR during the fourth quarter worth about $37,000. Sunbelt Securities Inc. lifted its stake in shares of PACCAR by 8,750.0% in the fourth quarter. Sunbelt Securities Inc. now owns 354 shares of the company’s stock worth $37,000 after acquiring an additional 350 shares during the period. Finally, OFI Invest Asset Management bought a new stake in PACCAR in the fourth quarter valued at approximately $43,000. 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.