PACCAR (NASDAQ:PCAR) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

JPMorgan Chase & Co. upgraded shares of PACCAR (NASDAQ:PCAR) from a neutral rating to an overweight rating in a report issued on Friday morning, Marketbeat reports. The brokerage currently has $133.00 target price on the stock, up from their previous target price of $108.00.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $125.00 price target on shares of PACCAR in a research report on Friday, December 5th. Raymond James Financial reissued a “market perform” rating on shares of PACCAR in a report on Tuesday, October 21st. Citigroup reaffirmed a “neutral” rating and set a $115.00 target price (up previously from $105.00) on shares of PACCAR in a report on Thursday, December 11th. Finally, Wall Street Zen cut PACCAR from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $111.04.

PACCAR Trading Up 0.1%

Shares of PCAR opened at $111.57 on Friday. The firm has a market cap of $58.60 billion, a P/E ratio of 21.83, a price-to-earnings-growth ratio of 15.25 and a beta of 1.01. PACCAR has a fifty-two week low of $84.65 and a fifty-two week high of $115.43. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.91 and a current ratio of 3.12. The business has a 50-day moving average of $102.20 and a 200 day moving average of $98.99.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). PACCAR had a return on equity of 16.01% and a net margin of 9.11%.The business had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter in the previous year, the business earned $1.85 EPS. PACCAR’s revenue for the quarter was down 20.7% on a year-over-year basis. As a group, research analysts forecast that PACCAR will post 7.57 EPS for the current year.

PACCAR Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Wednesday, February 11th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, February 11th. PACCAR’s payout ratio is currently 25.83%.

Insider Buying and Selling at PACCAR

In other news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction on Monday, October 27th. The shares were sold at an average price of $101.15, for a total transaction of $340,774.35. Following the completion of the sale, the chief financial officer directly owned 468 shares of the company’s stock, valued at approximately $47,338.20. The trade was a 87.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in PACCAR by 0.3% during the fourth quarter. Brighton Jones LLC now owns 89,001 shares of the company’s stock worth $9,258,000 after purchasing an additional 290 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of PACCAR by 3.0% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 12,493 shares of the company’s stock valued at $1,216,000 after purchasing an additional 366 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of PACCAR by 1.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 803,533 shares of the company’s stock valued at $78,241,000 after buying an additional 11,589 shares in the last quarter. Norinchukin Bank The lifted its position in PACCAR by 43.6% in the 1st quarter. Norinchukin Bank The now owns 42,939 shares of the company’s stock worth $4,181,000 after buying an additional 13,032 shares during the last quarter. Finally, Compound Planning Inc. boosted its stake in PACCAR by 30.4% in the first quarter. Compound Planning Inc. now owns 5,963 shares of the company’s stock worth $581,000 after buying an additional 1,389 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.