PACCAR (NASDAQ:PCAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “PACCAR’s U.S. Class 8 truck retail sales are rising primarily due to heightened construction activities, which is expected to drive its financials. Also, it is well-positioned in its key markets on the back of its strategic investments and a strong balance sheet, enabling it to undertake capital investments and research and development expenses. It also follows an active capital deployment policy by paying regular dividend payments. Moreover, PACCAR is well-positioned in its key markets on the back of R&D and capex investments and a strong balance sheet. It is also developing new products and technologies that include powertrain components and enhanced aerodynamic truck designs to expand its footprint. However, declining prices of used trucks and tough competition in the commercial truck market are few concerns for the company. “
A number of other equities research analysts also recently weighed in on PCAR. Longbow Research upgraded shares of PACCAR from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, March 6th. Susquehanna Bancshares set a $78.00 price target on shares of PACCAR and gave the company a “hold” rating in a research report on Friday, March 9th. ValuEngine downgraded shares of PACCAR from a “buy” rating to a “hold” rating in a research report on Tuesday, March 13th. Deutsche Bank downgraded shares of PACCAR from a “hold” rating to a “sell” rating and set a $77.00 price target for the company. in a research report on Monday, March 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of PACCAR from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Tuesday, April 10th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $73.30.
PCAR stock traded down $0.90 during mid-day trading on Wednesday, hitting $59.96. 1,091,242 shares of the company were exchanged, compared to its average volume of 1,887,507. The company has a quick ratio of 2.29, a current ratio of 2.45 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $21.41 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.10 and a beta of 1.23. PACCAR has a 1-year low of $59.82 and a 1-year high of $79.69.
PACCAR (NASDAQ:PCAR) last issued its quarterly earnings data on Tuesday, April 24th. The company reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.14. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.01 billion. PACCAR had a net margin of 8.99% and a return on equity of 21.26%. The business’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. research analysts expect that PACCAR will post 5.65 EPS for the current year.
In other PACCAR news, insider T. Kyle Quinn sold 9,964 shares of the business’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $64.69, for a total transaction of $644,571.16. Following the sale, the insider now owns 32,000 shares of the company’s stock, valued at $2,070,080. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP C Michael Dozier sold 13,348 shares of the business’s stock in a transaction on Monday, May 14th. The stock was sold at an average price of $63.45, for a total transaction of $846,930.60. Following the sale, the vice president now directly owns 8,860 shares in the company, valued at approximately $562,167. The disclosure for this sale can be found here. 2.64% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Jacobi Capital Management LLC bought a new stake in shares of PACCAR during the first quarter worth $102,000. Point72 Asia Hong Kong Ltd grew its stake in shares of PACCAR by 1,202.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 2,423 shares of the company’s stock worth $160,000 after buying an additional 2,237 shares during the last quarter. Silvant Capital Management LLC bought a new stake in shares of PACCAR during the first quarter worth $177,000. Motley Fool Asset Management LLC bought a new stake in shares of PACCAR during the first quarter worth $204,000. Finally, Two Sigma Securities LLC bought a new stake in shares of PACCAR in the fourth quarter worth $226,000. 62.99% of the stock is currently owned by hedge funds and other institutional investors.
PACCAR Company Profile
PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Europe, and internationally. It operates in three segments: Truck, Parts, and Financial Services. The Truck segment offers trucks that are used for the over-the-road and off-highway hauling of commercial and consumer goods.
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