Wells Fargo & Company Boosts PACCAR Inc. (PCAR) Price Target to $77.00
PACCAR Inc. (NASDAQ:PCAR) had its price target lifted by Wells Fargo & Company from $74.00 to $77.00 in a research note published on Friday morning. The brokerage currently has a market perform rating on the stock.
PCAR has been the topic of a number of other reports. Citigroup Inc. boosted their price objective on PACCAR from $74.00 to $78.00 and gave the company a buy rating in a research note on Wednesday, July 26th. Zacks Investment Research upgraded PACCAR from a hold rating to a buy rating and set a $80.00 price objective on the stock in a research note on Tuesday, September 26th. BidaskClub upgraded PACCAR from a strong sell rating to a sell rating in a research note on Wednesday, July 12th. Robert W. Baird restated a hold rating and issued a $67.00 price objective on shares of PACCAR in a research note on Friday, September 1st. Finally, Stifel Nicolaus restated a hold rating and issued a $72.00 price objective on shares of PACCAR in a research note on Tuesday, September 5th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the stock. PACCAR currently has an average rating of Hold and an average target price of $74.32.
PACCAR (PCAR) opened at 73.28 on Friday. The firm has a market capitalization of $25.75 billion, a P/E ratio of 19.61 and a beta of 1.17. The company has a 50 day moving average of $68.72 and a 200 day moving average of $66.58. PACCAR has a 1-year low of $53.38 and a 1-year high of $74.79.
PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, July 25th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.07. PACCAR had a return on equity of 18.61% and a net margin of 7.77%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the business posted $1.06 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that PACCAR will post $4.00 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 14th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Monday, November 13th. PACCAR’s payout ratio is 26.74%.
In other news, insider T. Kyle Quinn sold 2,786 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $67.89, for a total transaction of $189,141.54. Following the completion of the transaction, the insider now owns 20,800 shares of the company’s stock, valued at $1,412,112. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.64% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of PACCAR by 381.5% during the second quarter. Principal Financial Group Inc. now owns 2,573,188 shares of the company’s stock worth $169,932,000 after purchasing an additional 2,038,761 shares in the last quarter. Brighton Jones LLC purchased a new position in shares of PACCAR during the second quarter worth about $3,338,000. Delta Lloyd Asset Management N.V. purchased a new position in shares of PACCAR during the second quarter worth about $3,038,000. Point72 Europe London LLP purchased a new position in shares of PACCAR during the first quarter worth about $1,137,000. Finally, Perkins Coie Trust Co grew its holdings in shares of PACCAR by 102.8% during the second quarter. Perkins Coie Trust Co now owns 2,282 shares of the company’s stock worth $151,000 after purchasing an additional 1,157 shares in the last quarter. 62.13% of the stock is owned by institutional investors.
PACCAR Inc (PACCAR) is a technology company. The Company’s segments include Truck, Parts and Financial Services. The Truck segment includes the design, manufacture and distribution of light-, medium- and heavy-duty commercial trucks. The Company’s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates.
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