Royal Bank of Canada Lowers PACCAR (NASDAQ:PCAR) Price Target to $97.00

PACCAR (NASDAQ:PCAR) had its price objective trimmed by Royal Bank of Canada from $106.00 to $97.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

PCAR has been the topic of a number of other reports. StockNews.com downgraded PACCAR from a “hold” rating to a “sell” rating in a research report on Thursday, May 1st. Bank of America upgraded PACCAR from a “neutral” rating to a “buy” rating and raised their price target for the stock from $116.00 to $121.50 in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut shares of PACCAR from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $105.00 to $90.00 in a research report on Wednesday, April 30th. Truist Financial lowered their target price on shares of PACCAR from $113.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Citigroup cut their price target on shares of PACCAR from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $105.23.

PACCAR Trading Down 1.0 %

Shares of PCAR opened at $90.61 on Thursday. The stock has a market capitalization of $47.57 billion, a PE ratio of 11.46, a P/E/G ratio of 2.77 and a beta of 0.96. The company’s fifty day moving average is $94.45 and its 200 day moving average is $104.21. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.39 and a current ratio of 2.54. PACCAR has a fifty-two week low of $84.65 and a fifty-two week high of $118.81.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, April 29th. The company reported $1.46 earnings per share 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 business had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter last year, the firm earned $2.27 earnings per share. The business’s quarterly revenue was down 16.0% on a year-over-year basis. Sell-side analysts expect that PACCAR will post 7.57 earnings per share for the current fiscal year.

PACCAR Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 4th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $1.32 annualized dividend and a yield of 1.46%. PACCAR’s payout ratio is currently 20.00%.

Insiders Place Their Bets

In other news, CFO Harrie Schippers sold 28,676 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 owns 114,659 shares of the company’s stock, valued at approximately $12,150,414.23. This represents a 20.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pierre R. Breber acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were acquired at an average price of $89.78 per share, for a total transaction of $448,900.00. Following the completion of the purchase, the director now owns 13,015 shares of the company’s stock, valued at approximately $1,168,486.70. This represents a 62.38 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in PACCAR by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,398,193 shares of the company’s stock valued at $335,334,000 after purchasing an additional 178,813 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of PACCAR by 49.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after buying an additional 1,164,692 shares during the last quarter. Fulton Bank N.A. raised its stake in shares of PACCAR by 4.3% during the 4th quarter. Fulton Bank N.A. now owns 4,066 shares of the company’s stock worth $423,000 after acquiring an additional 167 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in PACCAR during the fourth quarter valued at approximately $76,000. Finally, Czech National Bank boosted its stake in PACCAR by 6.5% in the fourth quarter. Czech National Bank now owns 113,679 shares of the company’s stock valued at $11,825,000 after acquiring an additional 6,890 shares in the last quarter. 64.90% of the stock is owned by institutional investors.

About PACCAR

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.