Zacks Investment Research Downgrades Paccar (PCAR) to Hold

Paccar (NASDAQ:PCAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “PACCAR’s first-quarter 2018 adjusted earnings and revenues came in higher than the Zacks Consensus Estimates. Results were aided by record quarterly, truck deliveries robust Parts revenues and pretax profits. The company’s U.S. Class 8 truck retail sales are rising primarily due to heightened construction activities, which is expected to drive its financials. Also, the company 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. However, tough competition in the commercial truck market due to competitors primarily in the United States and Canada is a concern for the company. Also, year to date, shares of PACCAR have underperformed the industry it belongs to.”

PCAR has been the subject of a number of other reports. Deutsche Bank lowered shares of Paccar from a “hold” rating to a “sell” rating and set a $77.00 price objective for the company. in a research note on Monday, March 19th. Morgan Stanley assumed coverage on shares of Paccar in a research note on Friday, March 2nd. They issued an “underweight” rating and a $69.00 price objective for the company. UBS lowered shares of Paccar from a “buy” rating to a “neutral” rating and set a $68.00 price target for the company. in a research report on Wednesday, May 2nd. Longbow Research raised 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. Finally, Royal Bank of Canada lowered shares of Paccar from an “outperform” rating to a “sector perform” rating and set a $75.00 price target for the company. in a research report on Wednesday, April 25th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $74.47.

NASDAQ:PCAR opened at $64.29 on Wednesday. Paccar has a 1-year low of $63.55 and a 1-year high of $64.22. The stock has a market capitalization of $22.35 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 1.16 and a beta of 1.24. The company has a quick ratio of 2.29, a current ratio of 2.45 and a debt-to-equity ratio of 0.69.

Paccar (NASDAQ:PCAR) last released its quarterly earnings data on Tuesday, April 24th. The company reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.14. Paccar had a net margin of 8.99% and a return on equity of 21.26%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.01 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. analysts predict that Paccar will post 5.63 earnings per share for the current fiscal year.

In other news, insider T. Kyle Quinn sold 9,964 shares of the company’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $64.69, for a total transaction of $644,571.16. Following the transaction, the insider now owns 32,000 shares in the company, valued at $2,070,080. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP C Michael Dozier sold 13,348 shares of the company’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $63.45, for a total transaction of $846,930.60. Following the transaction, the vice president now owns 8,860 shares in the company, valued at approximately $562,167. The disclosure for this sale can be found here. Corporate insiders own 2.64% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC acquired a new position in shares of Paccar during the first quarter valued at about $102,000. NuWave Investment Management LLC acquired a new position in shares of Paccar during the fourth quarter valued at about $160,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Paccar during the fourth quarter valued at about $171,000. Point72 Asia Hong Kong Ltd increased its holdings in Paccar by 1,202.7% in the 1st 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 period. Finally, Silvant Capital Management LLC acquired a new position in Paccar in the 1st quarter worth approximately $177,000. Hedge funds and other institutional investors own 64.87% of the company’s stock.

About Paccar

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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Analyst Recommendations for Paccar (NASDAQ:PCAR)

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