PACCAR (NASDAQ:PCAR) Research Coverage Started at Citigroup

29 Jun 2024, 08:02 by Michael Walen · The Markets Daily

Citigroup assumed coverage on shares of PACCAR (NASDAQ:PCAR – Free Report) in a research report report published on Wednesday morning, Marketbeat reports. The firm issued a neutral rating and a $115.00 price objective on the stock.

PCAR has been the topic of several other reports. Truist Financial reiterated a hold rating and set a $121.00 price objective (up from $117.00) on shares of PACCAR in a research report on Thursday, May 2nd. Royal Bank of Canada began coverage on PACCAR in a research report on Tuesday, March 26th. They set a sector perform rating and a $123.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on PACCAR from $140.00 to $130.00 and set an overweight rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group raised their price target on PACCAR from $106.00 to $121.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Finally, UBS Group upgraded PACCAR from a neutral rating to a buy rating and raised their price target for the stock from $104.00 to $136.00 in a research report on Friday, March 15th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $114.38.

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PACCAR Price Performance

Shares of NASDAQ PCAR opened at $102.94 on Wednesday. The firm has a market capitalization of $53.96 billion, a P/E ratio of 10.68, a P/E/G ratio of 1.59 and a beta of 0.94. The company has a quick ratio of 2.49, a current ratio of 2.73 and a debt-to-equity ratio of 0.54. The stock’s 50-day simple moving average is $107.60 and its two-hundred day simple moving average is $107.63. PACCAR has a twelve month low of $80.64 and a twelve month high of $125.50.

PACCAR (NASDAQ:PCAR – Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.20 by $0.07. The firm had revenue of $8.24 billion for the quarter, compared to analyst estimates of $8.25 billion. PACCAR had a return on equity of 31.71% and a net margin of 14.30%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.25 EPS. As a group, equities analysts anticipate that PACCAR will post 8.36 EPS for the current fiscal year.

PACCAR Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Tuesday, May 14th. This is a boost from PACCAR’s previous quarterly dividend of $0.27. PACCAR’s dividend payout ratio (DPR) is presently 12.45%.

Insider Activity

In other news, VP Brice J. Poplawski sold 2,067 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $109.40, for a total value of $226,129.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Brice J. Poplawski sold 2,067 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $109.40, for a total transaction of $226,129.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R Preston Feight sold 33,850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total value of $3,594,193.00. Following the transaction, the chief executive officer now directly owns 154,430 shares of the company’s stock, valued at approximately $16,397,377.40. The disclosure for this sale can be found here. Insiders sold a total of 45,040 shares of company stock worth $4,779,241 in the last quarter. 2.02% of the stock is owned by company insiders.

Institutional Trading of PACCAR

A number of institutional investors and hedge funds have recently modified their holdings of the business. Miracle Mile Advisors LLC increased its holdings in shares of PACCAR by 3.8% in the 1st quarter. Miracle Mile Advisors LLC now owns 2,480 shares of the company’s stock worth $307,000 after purchasing an additional 91 shares in the last quarter. Morningstar Investment Management LLC increased its holdings in shares of PACCAR by 1.3% in the 4th quarter. Morningstar Investment Management LLC now owns 7,575 shares of the company’s stock worth $740,000 after purchasing an additional 97 shares in the last quarter. Graypoint LLC increased its holdings in shares of PACCAR by 2.9% in the 1st quarter. Graypoint LLC now owns 3,557 shares of the company’s stock worth $441,000 after purchasing an additional 99 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of PACCAR by 3.2% in the fourth quarter. Kingsview Wealth Management LLC now owns 3,223 shares of the company’s stock worth $315,000 after acquiring an additional 100 shares during the period. Finally, Evanson Asset Management LLC grew its holdings in shares of PACCAR by 3.5% in the first quarter. Evanson Asset Management LLC now owns 3,227 shares of the company’s stock worth $400,000 after acquiring an additional 108 shares during the period. Institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

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