PACCAR (NASDAQ:PCAR – Get Free Report) had its price target cut by analysts at Citigroup from $125.00 to $115.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 4.03% from the stock’s previous close.
Several other research firms also recently weighed in on PCAR. Royal Bank of Canada reiterated a “sector perform” rating and set a $119.00 target price on shares of PACCAR in a research report on Monday, November 4th. Morgan Stanley decreased their price objective on shares of PACCAR from $135.00 to $126.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. BNP Paribas upgraded shares of PACCAR to a “hold” rating in a research note on Wednesday, October 16th. Truist Financial lifted their price target on shares of PACCAR from $107.00 to $110.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Evercore ISI raised PACCAR from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $99.00 to $129.00 in a research note on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, PACCAR has a consensus rating of “Hold” and a consensus target price of $119.96.
Read Our Latest Analysis on PCAR
PACCAR Price Performance
PACCAR (NASDAQ:PCAR – Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.03. The company had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $7.66 billion. PACCAR had a return on equity of 27.24% and a net margin of 13.51%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.34 earnings per share. Analysts forecast that PACCAR will post 7.98 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CFO Harrie Schippers sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $106.93, for a total transaction of $2,138,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,558 shares of the company’s stock, valued at $11,287,316.94. This represents a 15.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO R Preston Feight sold 27,191 shares of PACCAR stock in a transaction on Friday, November 1st. The shares were sold at an average price of $103.52, for a total transaction of $2,814,812.32. Following the completion of the sale, the chief executive officer now directly owns 171,776 shares in the company, valued at $17,782,251.52. This represents a 13.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,315 shares of company stock valued at $6,358,552 over the last ninety days. Company insiders own 2.02% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in PCAR. Wellington Management Group LLP increased its holdings in shares of PACCAR by 53.3% in the third quarter. Wellington Management Group LLP now owns 13,434,115 shares of the company’s stock valued at $1,325,678,000 after purchasing an additional 4,669,172 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of PACCAR by 47.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,194,903 shares of the company’s stock worth $1,006,033,000 after acquiring an additional 3,296,146 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of PACCAR by 49.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,515,184 shares of the company’s stock worth $346,878,000 after acquiring an additional 1,164,692 shares during the period. Renaissance Technologies LLC acquired a new position in shares of PACCAR during the 2nd quarter valued at about $88,437,000. Finally, Erste Asset Management GmbH acquired a new position in shares of PACCAR during the 3rd quarter valued at about $63,186,000. 64.90% of the stock is owned by institutional investors and hedge funds.
PACCAR Company Profile
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.
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