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

JPMorgan Chase & Co. downgraded shares of PACCAR (NASDAQ:PCAR) from an overweight rating to a neutral rating in a research report report 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.

A number of other research analysts have also recently commented on the company. Morgan Stanley cut PACCAR from an “overweight” rating to an “equal weight” rating and set a $96.00 target price for the company. in a research note on Wednesday, April 16th. Bank of America raised PACCAR from a “neutral” rating to a “buy” rating and raised their price objective for the company from $116.00 to $121.50 in a research report on Tuesday, January 14th. Melius raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Tuesday, March 18th. Evercore ISI lowered their price target on shares of PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Finally, Truist Financial dropped their price objective on shares of PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $107.23.

PACCAR Stock Performance

Shares of PCAR stock opened at $89.90 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.56. The stock has a fifty day moving average of $95.97 and a 200 day moving average of $104.82. The firm has a market capitalization of $47.19 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 2.77 and a beta of 0.96. PACCAR has a 52 week low of $84.65 and a 52 week high of $118.81.

PACCAR (NASDAQ:PCAR) last announced 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 net margin of 12.36% and a return on equity of 23.53%. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the firm posted $2.27 EPS. The company’s revenue for the quarter was down 16.0% on a year-over-year basis. As a group, research analysts expect that PACCAR will post 7.57 earnings per share for the current year.

PACCAR Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 4th. Investors of record on Wednesday, May 14th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, May 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.47%. PACCAR’s dividend payout ratio (DPR) is presently 16.69%.

Insider Buying and Selling

In related news, VP Michael K. Walton sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $106.13, for a total value of $636,780.00. Following the sale, the vice president now owns 951 shares in the company, valued at approximately $100,929.63. This trade represents a 86.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Harrie Schippers sold 28,676 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $105.97, for a total transaction of $3,038,795.72. Following 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 ownership of the stock. The disclosure for this sale can be found here. 2.02% of the stock is owned by corporate insiders.

Institutional Trading of PACCAR

Large investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of PACCAR by 25.0% during the 4th quarter. Wellington Management Group LLP now owns 16,798,765 shares of the company’s stock valued at $1,747,408,000 after purchasing an additional 3,364,650 shares during the period. Geode Capital Management LLC boosted its holdings in shares of PACCAR by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 12,242,288 shares of the company’s stock worth $1,275,269,000 after buying an additional 362,637 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in PACCAR by 9.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 11,754,939 shares of the company’s stock valued at $1,144,578,000 after buying an additional 987,805 shares during the period. FMR LLC increased its holdings in PACCAR by 1.9% during the fourth quarter. FMR LLC now owns 8,791,660 shares of the company’s stock valued at $914,509,000 after buying an additional 167,165 shares during the last quarter. Finally, Northern Trust Corp raised its position in PACCAR by 8.5% in the fourth quarter. Northern Trust Corp now owns 7,202,358 shares of the company’s stock worth $749,189,000 after acquiring an additional 565,967 shares during the period. Institutional investors own 64.90% of the company’s stock.

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.