PACCAR (NASDAQ:PCAR) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

PACCAR (NASDAQ:PCAR) had its price target decreased by JPMorgan Chase & Co. from $142.00 to $132.00 in a research report report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms have also issued reports on PCAR. Citigroup reduced their price target on shares of PACCAR from $140.00 to $115.00 and set a “neutral” rating for the company in a research report on Monday, October 12th. Truist Financial dropped their price objective on shares of PACCAR from $125.00 to $124.00 and set a “hold” rating on the stock in a report on Wednesday. BNP Paribas Exane cut their price objective on shares of PACCAR from $136.00 to $107.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Morgan Stanley set a $125.00 target price on shares of PACCAR and gave the stock an “equal weight” rating in a report on Friday, September 4th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of PACCAR in a research report on Tuesday, August 18th. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $132.96.

PACCAR Stock Down 0.4%

PACCAR stock opened at $101.91 on Wednesday. The business’s 50-day simple moving average is $114.82 and its two-hundred day simple moving average is $120.15. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.90 and a current ratio of 3.22. The company has a market cap of $53.64 billion, a PE ratio of 19.41, a PEG ratio of 1.26 and a beta of 0.98. PACCAR has a fifty-two week low of $93.86 and a fifty-two week high of $139.24.

PACCAR (NASDAQ:PCAR) last released its earnings results on Tuesday, October 27th. The company reported $1.61 EPS for the quarter, hitting analysts’ consensus estimates of $1.61. PACCAR had a return on equity of 13.76% and a net margin of 9.50%. The firm had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same quarter in the previous year, the company posted $1.12 earnings per share. The company’s revenue was up 20.8% compared to the same quarter last year. Equities analysts anticipate that PACCAR will post 5.84 EPS for the current year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 11th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. PACCAR’s dividend payout ratio (DPR) is presently 26.67%.

Institutional Trading of PACCAR

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of PACCAR during the 2nd quarter worth approximately $4,927,720,000. Bank of America Corp DE acquired a new stake in shares of PACCAR in the second quarter valued at approximately $1,130,496,000. Bank of New York Mellon Corp acquired a new stake in shares of PACCAR in the second quarter valued at approximately $453,107,000. Legal & General Group Plc acquired a new stake in shares of PACCAR in the second quarter valued at approximately $335,776,000. Finally, Deutsche Bank AG purchased a new position in PACCAR during the second quarter worth approximately $239,460,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc (NASDAQ: PCAR) is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company’s operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.