The Goldman Sachs Group Raises PACCAR (NASDAQ:PCAR) Price Target to $121.00

PACCAR (NASDAQ:PCAR) had its price objective lifted by The Goldman Sachs Group from $106.00 to $121.00 in a report published on Tuesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research analysts have also recently issued reports on the stock. TD Cowen raised their target price on shares of PACCAR from $91.00 to $108.00 and gave the stock a market perform rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. raised their target price on shares of PACCAR from $135.00 to $140.00 and gave the stock an overweight rating in a report on Monday. Royal Bank of Canada assumed coverage on shares of PACCAR in a report on Tuesday, March 26th. They issued a sector perform rating and a $123.00 target price on the stock. Bank of America upgraded shares of PACCAR from an underperform rating to a neutral rating and raised their target price for the stock from $84.00 to $97.00 in a report on Friday, January 19th. Finally, Truist Financial assumed coverage on shares of PACCAR in a report on Thursday, March 14th. They issued a hold rating and a $117.00 price target on the stock. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $110.82.

PACCAR Stock Down 0.4 %

Shares of NASDAQ PCAR opened at $117.54 on Tuesday. PACCAR has a one year low of $68.40 and a one year high of $125.50. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.40 and a quick ratio of 2.21. The firm’s 50 day simple moving average is $115.48 and its two-hundred day simple moving average is $100.46. The stock has a market capitalization of $61.59 billion, a P/E ratio of 13.40, a PEG ratio of 1.79 and a beta of 0.92.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, January 23rd. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.45. PACCAR had a net margin of 13.10% and a return on equity of 33.17%. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.48 billion. During the same quarter last year, the business earned $1.76 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. As a group, analysts expect that PACCAR will post 8.16 EPS for the current fiscal year.

PACCAR Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Thursday, February 15th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.92%. The ex-dividend date was Wednesday, February 14th. PACCAR’s dividend payout ratio is currently 12.31%.

Insider Buying and Selling at PACCAR

In other PACCAR news, CEO R Preston Feight sold 27,320 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $103.17, for a total transaction of $2,818,604.40. Following the completion of the transaction, the chief executive officer now owns 145,495 shares of the company’s stock, valued at $15,010,719.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other PACCAR news, CEO R Preston Feight sold 27,320 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $103.17, for a total transaction of $2,818,604.40. Following the completion of the transaction, the chief executive officer now owns 145,495 shares of the company’s stock, valued at $15,010,719.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mark C. Pigott sold 74,347 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $101.93, for a total value of $7,578,189.71. Following the transaction, the chairman now directly owns 4,843,277 shares of the company’s stock, valued at approximately $493,675,224.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,496 shares of company stock valued at $15,834,812. 2.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PACCAR

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of PACCAR by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 36,485,080 shares of the company’s stock worth $3,213,241,000 after purchasing an additional 698,784 shares during the last quarter. State Street Corp raised its position in shares of PACCAR by 49.0% in the 1st quarter. State Street Corp now owns 21,345,321 shares of the company’s stock worth $1,562,477,000 after purchasing an additional 7,020,923 shares during the last quarter. Geode Capital Management LLC raised its position in shares of PACCAR by 53.3% in the 1st quarter. Geode Capital Management LLC now owns 11,742,555 shares of the company’s stock worth $858,948,000 after purchasing an additional 4,082,677 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of PACCAR by 0.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 8,587,576 shares of the company’s stock worth $730,116,000 after purchasing an additional 23,865 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of PACCAR by 6.0% in the 3rd quarter. Northern Trust Corp now owns 5,540,803 shares of the company’s stock worth $471,079,000 after purchasing an additional 316,001 shares during the last quarter. Hedge funds and other institutional investors 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.