PACCAR (NASDAQ:PCAR) Reaches New 1-Year High Following Dividend Announcement

PACCAR Inc. (NASDAQ:PCAR)’s share price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $123.99 and last traded at $123.0330, with a volume of 1283955 shares. The stock had previously closed at $119.38.

The newly announced dividend which will be paid on Wednesday, March 4th. Stockholders of record on Wednesday, February 11th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.1%. PACCAR’s dividend payout ratio (DPR) is 25.83%.

Analyst Upgrades and Downgrades

PCAR has been the subject of several research reports. Zacks Research raised PACCAR from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. Wells Fargo & Company initiated coverage on PACCAR in a report on Thursday, November 13th. They set a “positive” rating and a $106.00 target price for the company. UBS Group set a $103.00 price target on shares of PACCAR and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Citigroup reaffirmed a “neutral” rating and set a $120.00 price target (up from $113.56) on shares of PACCAR in a research report on Tuesday, January 13th. Finally, Wolfe Research raised shares of PACCAR from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $112.33.

PACCAR Price Performance

The firm has a market capitalization of $64.74 billion, a P/E ratio of 24.12, a PEG ratio of 14.74 and a beta of 1.01. The company has a quick ratio of 2.91, a current ratio of 3.12 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $110.31 and its 200-day moving average is $102.51.

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

Insider Buying and Selling at PACCAR

In related news, CFO Brice J. Poplawski sold 3,369 shares of PACCAR stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

A number of hedge funds and other institutional investors have recently modified their holdings of PCAR. JT Stratford LLC purchased a new stake in shares of PACCAR in the second quarter valued at about $1,301,000. Connor Clark & Lunn Investment Management Ltd. grew its position in PACCAR by 77.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 238,074 shares of the company’s stock worth $22,631,000 after purchasing an additional 103,664 shares in the last quarter. Endeavor Private Wealth Inc. purchased a new stake in PACCAR in the 3rd quarter valued at about $3,817,000. Robeco Institutional Asset Management B.V. increased its stake in PACCAR by 77.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 228,946 shares of the company’s stock valued at $22,510,000 after buying an additional 100,285 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of PACCAR by 19.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 86,645 shares of the company’s stock worth $8,519,000 after buying an additional 13,808 shares in the last quarter. Institutional investors own 64.90% of the company’s stock.

PACCAR Company Profile

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.