PACCAR (NASDAQ:PCAR) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of PACCAR (NASDAQ:PCAR) from an overweight rating to a neutral rating in a research note published on Wednesday morning, Marketbeat Ratings reports. They currently have $90.00 target price on the stock, down from their prior target price of $105.00.

Several other equities analysts also recently commented on PCAR. Citigroup lowered their price objective on PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Truist Financial lowered their price target on PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. UBS Group lowered shares of PACCAR from a “neutral” rating to a “sell” rating and cut their price objective for the company from $108.00 to $78.00 in a report on Monday, April 7th. Morgan Stanley downgraded shares of PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 target price on the stock. in a report on Wednesday, April 16th. Finally, Melius Research set a $120.00 target price on shares of PACCAR in a research report on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.23.

PACCAR Trading Up 0.1 %

PACCAR stock opened at $89.90 on Wednesday. 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 has a 12-month low of $84.65 and a 12-month high of $118.81. The firm has a market capitalization of $47.19 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 2.77 and a beta of 0.96. The firm has a 50 day moving average of $95.97 and a 200 day moving average of $104.82.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.12). PACCAR had a return on equity of 23.53% and a net margin of 12.36%. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.13 billion. During the same period last year, the company earned $2.27 earnings per share. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. As a group, research analysts predict that PACCAR will post 7.57 earnings per share for the current year.

PACCAR Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Wednesday, May 14th. PACCAR’s payout ratio is 16.69%.

Insiders Place Their Bets

In related news, CFO Harrie Schippers sold 28,676 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $105.97, for a total value of $3,038,795.72. Following the completion of the sale, the chief financial officer now directly owns 114,659 shares in the company, valued at $12,150,414.23. This trade represents a 20.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the business’s 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 position. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PACCAR

A number of large investors have recently made changes to their positions in PCAR. Everence Capital Management Inc. bought a new stake in PACCAR in the fourth quarter worth about $1,984,000. Cullen Frost Bankers Inc. lifted its stake in shares of PACCAR by 8.2% during the 4th quarter. Cullen Frost Bankers Inc. now owns 85,719 shares of the company’s stock worth $8,916,000 after acquiring an additional 6,494 shares during the last quarter. LPL Financial LLC boosted its holdings in PACCAR by 6.1% during the 4th quarter. LPL Financial LLC now owns 212,405 shares of the company’s stock valued at $22,094,000 after acquiring an additional 12,143 shares during the period. Insight Wealth Strategies LLC grew its position in PACCAR by 21.6% in the 4th quarter. Insight Wealth Strategies LLC now owns 39,041 shares of the company’s stock valued at $4,061,000 after acquiring an additional 6,936 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in PACCAR by 19.3% in the fourth quarter. Versant Capital Management Inc now owns 1,325 shares of the company’s stock worth $138,000 after purchasing an additional 214 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

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.