PACCAR (NASDAQ:PCAR) Upgraded at StockNews.com

PACCAR (NASDAQ:PCAR) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

Several other research firms have also recently weighed in on PCAR. Evercore ISI decreased their target price on PACCAR from $129.00 to $127.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Royal Bank of Canada reduced their price objective on shares of PACCAR from $106.00 to $97.00 and set a “sector perform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. downgraded shares of PACCAR from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $105.00 to $90.00 in a research report on Wednesday, April 30th. Bank of America raised shares of PACCAR from a “neutral” rating to a “buy” rating and boosted their price target for the company from $116.00 to $121.50 in a research report on Tuesday, January 14th. Finally, Truist Financial dropped their price objective on PACCAR from $113.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, PACCAR presently has a consensus rating of “Hold” and a consensus price target of $105.23.

PACCAR Stock Up 3.2 %

Shares of NASDAQ:PCAR opened at $91.55 on Friday. PACCAR has a fifty-two week low of $84.65 and a fifty-two week high of $118.81. The firm’s 50 day moving average price is $94.67 and its 200 day moving average price is $104.30. 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 market cap of $48.06 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.77 and a beta of 0.96.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings data 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). The firm had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.13 billion. PACCAR had a net margin of 12.36% and a return on equity of 23.53%. PACCAR’s revenue for the quarter was down 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.27 earnings per share. As a group, equities research analysts predict that PACCAR will post 7.57 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Pierre R. Breber bought 5,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were acquired at an average price of $89.78 per share, with a total value of $448,900.00. Following the completion of the acquisition, the director now directly owns 13,015 shares in the company, valued at approximately $1,168,486.70. The trade was a 62.38 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael K. Walton sold 6,000 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $106.13, for a total transaction of $636,780.00. Following the transaction, the vice president now directly owns 951 shares of the company’s stock, valued at $100,929.63. This represents a 86.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in PACCAR during the fourth quarter worth $526,922,000. Kovitz Investment Group Partners LLC boosted its position in shares of PACCAR by 370.5% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,359,095 shares of the company’s stock worth $557,453,000 after purchasing an additional 4,219,964 shares in the last quarter. 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 worth $1,747,408,000 after purchasing an additional 3,364,650 shares during the period. Madison Investment Advisors LLC purchased a new position in shares of PACCAR in the 4th quarter valued at about $254,651,000. Finally, Pacer Advisors Inc. lifted its stake in shares of PACCAR by 2,957.4% in the first quarter. Pacer Advisors Inc. now owns 2,110,187 shares of the company’s stock valued at $205,469,000 after purchasing an additional 2,041,168 shares during the period. Institutional investors and hedge funds 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.