Truist Financial Reiterates “Hold” Rating for PACCAR (NASDAQ:PCAR)

Truist Financial reissued their hold rating on shares of PACCAR (NASDAQ:PCAR) in a report issued on Thursday, Benzinga reports. Truist Financial currently has a $121.00 target price on the stock, up from their previous target price of $117.00.

Several other brokerages also recently issued reports on PCAR. Morgan Stanley began coverage on shares of PACCAR in a report on Monday, January 8th. They set an overweight rating and a $125.00 price target for the company. Evercore ISI lifted their target price on shares of PACCAR from $94.00 to $101.00 and gave the company an in-line rating in a research note on Tuesday, February 20th. TD Cowen increased their price target on shares of PACCAR from $91.00 to $108.00 and gave the stock a market perform rating in a research note on Wednesday, January 24th. Royal Bank of Canada began coverage on shares of PACCAR in a research note on Tuesday, March 26th. They issued a sector perform rating and a $123.00 price objective for the company. Finally, The Goldman Sachs Group upped their price objective on shares of PACCAR from $106.00 to $121.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $112.62.

PACCAR Stock Up 0.6 %

Shares of PCAR stock traded up $0.61 during mid-day trading on Thursday, reaching $105.40. 1,152,964 shares of the company were exchanged, compared to its average volume of 2,440,161. PACCAR has a fifty-two week low of $68.40 and a fifty-two week high of $125.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.49 and a current ratio of 2.73. The company has a market capitalization of $55.23 billion, a P/E ratio of 10.87, a P/E/G ratio of 1.63 and a beta of 0.96. The business’s 50 day simple moving average is $116.42 and its 200 day simple moving average is $102.78.

PACCAR (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.07. The firm had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $8.25 billion. PACCAR had a net margin of 14.30% and a return on equity of 31.71%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.25 earnings per share. Research analysts predict that PACCAR will post 8.26 earnings per share for the current year.

PACCAR Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 15th will be paid a $0.30 dividend. This is an increase from PACCAR’s previous quarterly dividend of $0.27. The ex-dividend date is Tuesday, May 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.14%. PACCAR’s payout ratio is presently 12.45%.

Insider Activity

In related news, VP Todd R. Hubbard sold 2,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the completion of the transaction, the vice president now owns 5,726 shares in the company, valued at approximately $607,814.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Todd R. Hubbard sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.15, for a total transaction of $212,300.00. Following the sale, the vice president now directly owns 5,726 shares of the company’s stock, valued at $607,814.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Harrie Schippers sold 32,797 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $106.08, for a total value of $3,479,105.76. Following the sale, the chief financial officer now directly owns 103,547 shares in the company, valued at $10,984,265.76. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCAR. PSI Advisors LLC purchased a new stake in PACCAR in the first quarter valued at $25,000. OFI Invest Asset Management purchased a new stake in shares of PACCAR in the 3rd quarter valued at $26,000. AdvisorNet Financial Inc raised its holdings in shares of PACCAR by 188.5% in the 4th quarter. AdvisorNet Financial Inc now owns 277 shares of the company’s stock valued at $27,000 after buying an additional 181 shares during the period. YHB Investment Advisors Inc. purchased a new stake in shares of PACCAR in the 1st quarter valued at $27,000. Finally, Riverview Trust Co acquired a new position in shares of PACCAR during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 64.90% of the company’s stock.

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.