PACCAR (NASDAQ:PCAR) Stock Rating Upgraded by StockNews.com

PACCAR (NASDAQ:PCAR) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Other equities analysts also recently issued reports about the company. Raymond James began coverage on PACCAR in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial lowered their target price on PACCAR from $121.00 to $115.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. lowered their target price on PACCAR from $140.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Royal Bank of Canada began coverage on PACCAR in a research report on Tuesday, March 26th. They set a “sector perform” rating and a $123.00 target price on the stock. Finally, Citigroup began coverage on PACCAR in a research report on Wednesday, June 26th. They set a “neutral” rating and a $115.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $112.25.

PACCAR Stock Down 1.3 %

Shares of NASDAQ:PCAR opened at $97.60 on Wednesday. PACCAR has a 52-week low of $80.94 and a 52-week high of $125.50. The firm has a market capitalization of $51.16 billion, a P/E ratio of 10.12, a P/E/G ratio of 1.16 and a beta of 0.92. The stock has a 50 day moving average price of $105.46 and a 200-day moving average price of $108.49. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.49 and a current ratio of 2.73.

PACCAR (NASDAQ:PCAR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.14 by ($0.01). The company had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.30 billion. PACCAR had a net margin of 14.07% and a return on equity of 30.53%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period last year, the business earned $2.33 EPS. As a group, equities research analysts anticipate that PACCAR will post 8.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Brice J. Poplawski sold 2,067 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $109.40, for a total value of $226,129.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other PACCAR news, CEO R Preston Feight sold 33,850 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.18, for a total transaction of $3,594,193.00. Following the transaction, the chief executive officer now directly owns 154,430 shares of the company’s stock, valued at $16,397,377.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Brice J. Poplawski sold 2,067 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $109.40, for a total transaction of $226,129.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,040 shares of company stock valued at $4,779,241. Insiders own 2.02% of the company’s stock.

Hedge Funds Weigh In On PACCAR

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fisher Asset Management LLC lifted its stake in shares of PACCAR by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,916,582 shares of the company’s stock worth $480,104,000 after buying an additional 89,984 shares in the last quarter. Norges Bank purchased a new position in PACCAR during the fourth quarter worth about $448,288,000. Capital International Investors raised its stake in PACCAR by 44.8% during the first quarter. Capital International Investors now owns 3,962,928 shares of the company’s stock worth $490,967,000 after purchasing an additional 1,225,468 shares during the period. Charles Schwab Investment Management Inc. raised its stake in PACCAR by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,967,614 shares of the company’s stock worth $289,788,000 after purchasing an additional 54,273 shares during the period. Finally, First Trust Advisors LP raised its stake in PACCAR by 0.9% during the fourth quarter. First Trust Advisors LP now owns 2,750,136 shares of the company’s stock worth $268,551,000 after purchasing an additional 23,394 shares during the period. 64.90% of the stock is owned by hedge funds and other institutional investors.

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.