PACCAR (NASDAQ:PCAR) Upgraded at Zacks Research

Zacks Research upgraded shares of PACCAR (NASDAQ:PCAR) from a strong sell rating to a hold rating in a report released on Monday,Zacks.com reports.

A number of other research firms also recently weighed in on PCAR. JPMorgan Chase & Co. increased their price objective on PACCAR from $103.00 to $108.00 and gave the company a “neutral” rating in a report on Wednesday, October 22nd. 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. Evercore ISI set a $114.00 price objective on PACCAR and gave the stock an “outperform” rating in a research report on Tuesday, August 19th. Wall Street Zen lowered PACCAR from a “hold” rating to a “sell” rating in a research note on Saturday, October 25th. Finally, UBS Group set a $103.00 target price on PACCAR and gave the company a “neutral” rating in a report on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $107.96.

PACCAR Stock Up 4.2%

NASDAQ:PCAR opened at $113.48 on Monday. PACCAR has a one year low of $84.65 and a one year high of $116.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.12 and a quick ratio of 2.91. The company has a market cap of $59.60 billion, a PE ratio of 22.21, a P/E/G ratio of 14.90 and a beta of 1.01. The firm’s 50 day simple moving average is $100.04 and its 200 day simple moving average is $98.13.

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

PACCAR Cuts Dividend

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

Insider Transactions at PACCAR

In other PACCAR news, CFO Brice J. Poplawski sold 3,369 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $101.15, for a total value of $340,774.35. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.02% of the company’s stock.

Institutional Trading of PACCAR

Several hedge funds have recently modified their holdings of PCAR. Severin Investments LLC acquired a new position in shares of PACCAR during the 3rd quarter valued at $431,000. Allworth Financial LP increased its stake in PACCAR by 7.7% in the third quarter. Allworth Financial LP now owns 8,151 shares of the company’s stock valued at $801,000 after purchasing an additional 585 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of PACCAR by 62.7% during the third quarter. IFP Advisors Inc now owns 1,017 shares of the company’s stock valued at $106,000 after purchasing an additional 392 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of PACCAR by 74.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,472 shares of the company’s stock worth $440,000 after purchasing an additional 1,908 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of PACCAR in the 3rd quarter valued at about $9,013,000. 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.