PACCAR (NASDAQ:PCAR) Raised to “Outperform” at Evercore ISI

PACCAR (NASDAQ:PCAR) was upgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm presently has a $129.00 price target on the stock, up from their previous price target of $99.00. Evercore ISI’s target price suggests a potential upside of 12.12% from the company’s previous close.

Several other equities analysts have also commented on the company. BNP Paribas raised PACCAR to a “hold” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of PACCAR from a “hold” rating to a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley cut their price objective on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on shares of PACCAR from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft cut their price target on PACCAR from $121.00 to $109.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PACCAR currently has an average rating of “Hold” and an average price target of $116.55.

PACCAR Price Performance

Shares of NASDAQ PCAR opened at $115.06 on Wednesday. PACCAR has a 1 year low of $90.04 and a 1 year high of $125.50. The stock has a market capitalization of $60.33 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.83 and a beta of 0.89. The company’s 50-day moving average is $103.20 and its 200 day moving average is $102.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 1.03.

PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.03. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.34 EPS. On average, sell-side analysts expect that PACCAR will post 7.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO R Preston Feight sold 27,191 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $103.52, for a total value of $2,814,812.32. Following the sale, the chief executive officer now owns 171,776 shares in the company, valued at approximately $17,782,251.52. This trade represents a 13.67 % 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 20,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the sale, the chief financial officer now owns 105,558 shares of the company’s stock, valued at approximately $11,287,316.94. This represents a 15.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,315 shares of company stock worth $6,358,552. 2.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its position in shares of PACCAR by 47.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock valued at $1,006,033,000 after purchasing an additional 3,296,146 shares during the last quarter. Capital International Investors raised its position in PACCAR by 44.8% in the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after acquiring an additional 1,225,468 shares during the period. Renaissance Technologies LLC purchased a new position in shares of PACCAR during the 2nd quarter worth $88,437,000. Erste Asset Management GmbH purchased a new position in shares of PACCAR during the 3rd quarter worth $63,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of PACCAR by 115.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,074,653 shares of the company’s stock valued at $106,047,000 after acquiring an additional 576,532 shares during the period. 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.