PACCAR (NASDAQ:PCAR) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research upgraded PACCAR from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Monday, April 30th. ValuEngine downgraded PACCAR from a “buy” rating to a “hold” rating in a research report on Tuesday, May 1st. JPMorgan Chase & Co. set a $72.00 price objective on PACCAR and gave the company a “hold” rating in a research report on Wednesday, April 25th. Wells Fargo & Co set a $70.00 price objective on PACCAR and gave the company a “market perform” rating in a research report on Wednesday, April 25th. Finally, BMO Capital Markets downgraded PACCAR from an “outperform” rating to a “market perform” rating and set a $80.00 price objective for the company. in a research report on Wednesday, July 18th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $71.64.
PACCAR stock opened at $67.96 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.52 and a debt-to-equity ratio of 0.69. The company has a market cap of $23.54 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.04 and a beta of 1.24. PACCAR has a one year low of $59.82 and a one year high of $79.69.
PACCAR (NASDAQ:PCAR) last posted its earnings results on Tuesday, July 24th. The company reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.16. The business had revenue of $5.47 billion during the quarter, compared to the consensus estimate of $5.39 billion. PACCAR had a return on equity of 22.68% and a net margin of 9.39%. PACCAR’s revenue was up 24.3% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. equities research analysts forecast that PACCAR will post 5.99 EPS for the current fiscal year.
PACCAR announced that its Board of Directors has approved a share repurchase program on Monday, July 9th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Douglas S. Grandstaff sold 580 shares of PACCAR stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $65.90, for a total transaction of $38,222.00. Following the completion of the sale, the vice president now directly owns 5,891 shares of the company’s stock, valued at $388,216.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Darrin C. Siver sold 5,750 shares of PACCAR stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $64.46, for a total value of $370,645.00. Following the sale, the insider now directly owns 22,596 shares of the company’s stock, valued at $1,456,538.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,634 shares of company stock valued at $625,510. 2.64% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in PCAR. Brinker Capital Inc. acquired a new position in PACCAR in the first quarter valued at about $1,476,000. CIBC World Markets Inc. acquired a new position in PACCAR in the first quarter valued at about $753,000. Amalgamated Bank grew its stake in PACCAR by 3.5% in the second quarter. Amalgamated Bank now owns 44,311 shares of the company’s stock valued at $2,746,000 after acquiring an additional 1,510 shares during the period. Flinton Capital Management LLC grew its stake in PACCAR by 27.8% in the first quarter. Flinton Capital Management LLC now owns 43,616 shares of the company’s stock valued at $2,886,000 after acquiring an additional 9,488 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in PACCAR in the first quarter valued at about $3,315,000. 63.19% 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, 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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